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Week 2 Notes 87111

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These notes cover financial statements.
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Robert Matteucci
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2
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This 2 page Class Notes was uploaded by Zaskia Villa on Thursday February 4, 2016. The Class Notes belongs to 87111 at University of Arizona taught by Robert Matteucci in Spring2015. Since its upload, it has received 14 views.

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Date Created: 02/04/16
BNAD 100 A company’s financial statements keep track of the company’s financial activities and its financial position. - How much profit, how much spent, how much the company is worth, how much they owe, how much cash Financial Statements--- Income Statements: measurement of business activities during a period of time Balance Sheets: measurement of a point in time Cash Flow Statement: tells how much was generated, how much used The income statement reports the company’s revenue & expenses and calculates net income. Revenue: income generated from sales of goods/services Expenses: costs incurred to generate revenue Net income (profit): difference between revenue and expenses Profit Margin (%): percentage of revenue a company retains after subtracting all expenses Gross Profit: profit earned on sales of a product before other expenses REV – COGS = GROSS PROFIT Cost of Goods Sold (COGS): cost of physical goods the company sold Gross Profit Margin: percentage of revenue a company retains after subtracting the COGS (REV – COGS) / REV = GPM The balance sheet summarizes the company’s assets, liabilities, & equity at a specific point in time. Asset: something the company has purchased or acquired and that has money value (what the company owns) Liability: a company’s debts or obligations incurred during the course of business (what the company owes) Equity: the portion of the company owned by shareholders (what investors own in the company) ASSETS = LIABILITIES + EQUITY The cash flow statement records the amount of cash entering and leaving a company, and classifies the amounts into three types of business activities: 1. Cash from operations (running the business) 2. Cash from investing (buying/selling assets for the business) 3. Cash from financing (borrowing & paying back money, raiding money through ownership) Why is cash flow different from an income statement and a balance sheet? TIMING DIFFERENCES! The Accrual Basis of Accounting: companies record revenue and expenses at the time they earn revenues and incur expenses (not when cash is exchanged).

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