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Accounting 200, week 2 notes

by: Loretta Hellmann

Accounting 200, week 2 notes ACCT 200-010

Marketplace > Western Kentucky University > Accounting > ACCT 200-010 > Accounting 200 week 2 notes
Loretta Hellmann
GPA 3.75

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About this Document

These are the notes from week two. the majority of the information on the first powerpoint handout is on this, but the info from the second handout is not
Intro Accounting-Financial
Stacy Wade (Bibelhauser)
Class Notes
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This 3 page Class Notes was uploaded by Loretta Hellmann on Sunday September 4, 2016. The Class Notes belongs to ACCT 200-010 at Western Kentucky University taught by Stacy Wade (Bibelhauser) in Fall 2016. Since its upload, it has received 14 views. For similar materials see Intro Accounting-Financial in Accounting at Western Kentucky University.


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Date Created: 09/04/16
Week 2 Notes Tuesday, August 30, 11:20 AM Chapter 2 A Further Look at Financial Statements (this was the paper powerpoint handout, given in class) • Standard Classifications  Assets □ Current assets □ Long-term investments □ Property, plant, and equipment □ Intangible assets  Liabilities and Stockholders' Equity □ Current liabilities □ Long-term liabilities □ Stockholders' Equity • The Classified Balance Sheet  Current Assets □ Assets that a company expects to covert to cash or use up within one year or the operating cycle, whichever is longer □ Operating Cycle- is the average time it takes from the purchase of inventory, to the sale of goods, and then to the collection of cash from customer's □ Common types of current assets are : (1) cash, (2) Investments, (3) receivables, (4) inventories, and (5) prepaid expenses □ On a balance sheet  Current Assets ◊ Cash and cash equivalents ◊ Short-term investments ◊ Accounts receivable ◊ Inventories ◊ Prepaid expenses ◊ Total current assets □ Companies list current asset acounts in the order they expect to convert them into cash  Categorized by "liquidity"  Long-Term Investments □ Investments in stocks or bonds of other corporations that are held for more than one year □ Long-term assets such as land or buildings that a company is not currently using in it operating activities □ Long-term notes receivable  Property, Plant, and Equipment □ Long useful lives □ Currently used in operations □ Includes land, buildings, equipment, delivery vehicles, and furniture □ Depreciation- allocating the cost of assets to a number of years □ Accumulated depreciation- total amount of depreciation expensed thus far in the asset's life in the asset's life  This is a contra-asset  It's negative to be subtracted  Intangible Assets □ Assets that do not have physical substance □ Includes, goodwill, patents, copyrights, trademarks, or trade names □ Review Question  Patents and copyrights are a. Current assets b. Intangible assets c. Long-term investments d. Property, plant, and equipment  Current Liabilities □ Obligations the company is to pay within the next year or operating cycle, whichever is longer □ Common examples are accounts payable, salaries and wages payable, notes payable, interest payable, and income taxes payable □ Also included as current liabilities are current maturities of long-term obligations - payments to be made within the next year on long-term obligations □ On a balance sheet  Current liabilities ◊ Accounts payable short-term debt ◊ Accrued compensation and benefits ◊ Accrued expenses and other current liabilities ◊ Income taxes payable, et ◊ Total current liabilities  Long-Term Liabilities □ Obligations a company expects to pay after one year □ Include bonds payable, mortgages payable, long-term notes payable, lease liabilities, and pension liabilities □ Review Question  Which of the following is NOT a long-term liability? a. Bonds payable b. Current maturities of long-term debt c. Long-term notes payable d. Mortgages payable  Stockholders' Equity □ Common stock- investments of assets into the business by the stockholders □ Retained earnings- oncome retained for use in business


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