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A 100

by: Edward Wuckert I

A 100 BUS

Edward Wuckert I
GPA 3.89

Vivian Winston

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About this Document

Vivian Winston
Study Guide
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This 0 page Study Guide was uploaded by Edward Wuckert I on Sunday November 1, 2015. The Study Guide belongs to BUS at Indiana University taught by Vivian Winston in Fall. Since its upload, it has received 28 views. For similar materials see /class/233457/bus-indiana-university in Business at Indiana University.


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Date Created: 11/01/15
Financial Reporting Business Activities Financing 0 transactions with stockholders and bankers except interest 0 Borrowing or repaying money 0 dividends receiving payment for stock 0 Debt Payments dividends stock repurchases Investing 0 buying and selling land buildings equipment investments fixed assets Operating o everything else 0 Money paidreceived resulting from operating the business interest paid on a loan Financial Reporting GAAP Form 10K o Audited financial reports annual Form 10Q o Unaudited quarterly financial statements Anually provide audited report to stockholders Form 8K 0 Material disagreements between management and auditors are reported and described here filed with SEC Generally accepted accounting principles lOk meets standards Established by FASB Financial accounting standards board Credibility but costs companies to audit Financial Statements Balance Sheets Assets Liabilities Stockholder Equity Presents a picture of the company s financial condition as of a point in time Lists assets goods and producing assets and financing sources debt an equity Components 0 Assets I Current Assets converted into cash within one year 0 Cash 0 Shortterm investments stocks bonds Can be sold quickly 0 Accounts receivable unpaid but earned from customers 0 Inventory 0 Prepaid expenses I Longterm investments I Property Plants Equipment I Intangible Assets like legal rights to something I Total Assets 0 Liabilities I Current Liabilities 0 Accounts payable purchases made on credit 0 Wages payable 0 Interest payableshortterm notes payable owed to creditors o Deferred revenue services yet to be performed by a company for which cash has already been collected I Longterm liabilities 0 Long term notes payable 0 Bonds payable 0 Mortgage payable I Stockholder Equity 0 Common stock 0 Retained earnings assets generated but not paid out as dividends I Total Liabilities and equity Income Statement Measures operating performance profit over a period Components 0 Operating Revenues I Sales cash accts receivable from selling goods I Fees Earned revenue from selling a service I Other 0 Operating Expenses I Cost goods sold purchase price I Operating expenses 0 Wage rent selling depreciation commissions insurance rentals utilities taxes maintenance etc o Other Revenues and Expenses I Not central to company operations quotOneshot nonreoccurring activities 0 Interest on bank accounts 0 Rent collected on rental of excess warehouse space 0 Gains from assets sold 0 Outstanding loans 0 Losses on inventory Statement of Cash Flows Measures extent to which business has reinvested profits or paid dividends Explains change in cash balance on balance sheet from one year to the next Cash flow vs Income Statement cash flow records only cash inflow and outflow The income statement consists of revenues and expenses which reflect more general asset and liability inflows and outflows Cash is just one of its many assets Net cash flow rarely equals net income Net cash flow from investing is often negative because as companies grow they typically purchase more longterm assets than they sell Components 0 Operating Activities associated with acquisition and sale ofproductsservices I Cash from sales I Cash from rent I Cash from interest I Cash paid to suppliers I Cash paid to employees I Cash paid for rent I Cash paid for operating expenses 0 Investing Activities associated with purchasesale of longterm investments Tells how much the company has grown over a certain period I Purchase of investment securities I Purchase of property I Proceeds from sale of investment securities 0 Financing Activities include inoutflowsfrom liabilities and contributed capital I Proceeds from stock I Payment on longterm debt I Cash dividends to stockholders 0 Increase in cash balance 0 Beginning cash balance 0 Ending cash balance Statement of Retained Earnings Record of cash inflow and outflow associated with investing financing and operating activities Balance consists of past net income amounts retained in the business Retain profits to finance operations and offset purchases and pay off debts Rest are paid as dividends Retained earnings is NOT cash annual Components 0 Beginning retained earnings Plus Net income Less dividends OOO Ending retained earnings Relationships between the Four Financial Statements Every transaction affecting the income statement affects the balance sheet in at least two places Statement of Retained Earnings and Cash flow explains the activity in the balance sheet in either the asset or liability section Lookfor the red marker in the A100 notesfor a diagram ofinterreationships Fundamental Accounting Equation Assets What we own Liabilities What we owe Stockholder Equity What we re worth Assets 0 The dollar values of the items owned by the company I Borrowed I Contributed by stockholders I Generated from operating activities Liabilities 0 Company debts or payables Stockho der s Equity 0 Contributed capital dollar value of assets contributed by stockholders o Retained earnings value of assets generated by operating activities retained by the business Income Statement Revenue What we earn Sales revenue Expenses What we use up Cost of goods sold Net Income Net Income Gross profit All other expenses Statement of Retained Earnings Net Income Dividends Beginning retained earnings Ending Retained Earnings Net Income from operations Gain or loss on sale of assets Net Income


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