Financial Accounting Formula Sheet
Financial Accounting Formula Sheet ACCT 2102
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This 2 page Class Notes was uploaded by Airielle Thomas on Thursday January 21, 2016. The Class Notes belongs to ACCT 2102 at Georgia State University taught by Kathleen S. Partridge (P) in Fall 2015. Since its upload, it has received 61 views. For similar materials see PRIN OF ACCT II in Accounting at Georgia State University.
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Date Created: 01/21/16
The following is a chart containing the formulas that were used in my Financial Accounting (ACCT 2101) class. Below the chart is a link to public Quizlet that I created for my class. Feel free to practice with the flashcards and games on the site. Financial Accounting Formula Sheet CONCEPT FORMULA Gross Profit GrossProfit Rate NetSales Revising 1) Book Value – Salvage Value= Depreciable Cost Periodic Depreciatio DepreciableCost n 2) RemainingUseful Life Asset NetSales Turnover AverageTotal Assets Cost of Beginning Inventory +Cost of Goods Purchased Goods Available for Sale Average 365 Collection Accounts ReceivableTurnover Period Accounts NetCreditSales Receivable AverageNet AccountsReceivable Turnover Cost of Cash Purchase Price + (Removal Costs – Profit from Salvage) + Closing Costs + Land Commission Depreciatio 1) Cost - Accumulated Depreciation = Book Value n Expense DepreciableCost (Straight 2) Useful Life(¿years) Line Method) Gain and 1) Cost-Accumulated Depreciation=Book Value 1) 2) Book Value-Proceeds from Sale Loss on Disposal of Plant Asset Interest Face Value of Note * Annual Interest Rate * Time in Terms of One Year *(Accounting Year=360 days) Return on Net Income OR Profit Margin * Asset Turnover Assets AverageTotal Assets Days in 365days Inventory InventoryTurnover Cost of (Beginning Inventory + Purchases) -Ending Inventory Goods Sold (Periodic Inventory) Net Income Gross Profit - Operating Expenses (Income from Operations) Assets Liabilities + Stock Holder's Equity (Basic Accounting Equation) Profit NetIncome Margin Net Sales Inventory Cost of GoodsSold Turnover AverageInventory Cost of Purchases - Purchase Returns and Allowances-Purchase Discounts + Freight-In Goods Purchased Gross Profit Sales Revenue-Cost of Goods Sold Quizlet Link: https://quizlet.com/_1po1hh
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