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Chapter 2

by: JillianRing

Chapter 2 ACG 2021

GPA 3.7
Financial Accounting
Ronald Pierno

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About this Document

Chapter 2 of notes with highlighted definitions and examples.
Financial Accounting
Ronald Pierno
Class Notes
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This 2 page Class Notes was uploaded by JillianRing on Monday September 28, 2015. The Class Notes belongs to ACG 2021 at Florida State University taught by Ronald Pierno in Summer 2015. Since its upload, it has received 31 views. For similar materials see Financial Accounting in Accounting at Florida State University.


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Date Created: 09/28/15
Chapter 2 Further Look into Financial Statements Classified Balance Sheet groups similar assets liabilities together Assets Liabilities Stockholder s Equity Current Assets Current Liabilities Longtern Investments Longterm Liabilities Property plant equipment Stockholder s Equity Intangible Assets Assets Current Assets Company expects to convert to cash or use within one year Cash investments receivables inventories prepaid expenses Longterm Investments Stock investments real estate Property plant Equipment Land Equpiment Accumulated Depreciation equipment Intangible Assets Patents trademarks Liabilities Stockholder s Equity Current Liabilities pay within the next year or operating cycle whichever is longer Accounts payable salaries wages payable notes payable income taxes payable Longterm Liabilities current liabilities with long term obligations Mortgage payable notes payable Stockholder s Equity Common stock retained earnings Example IR amp Co provides a service to a customer and charges 400 The customer says she ll return next month to pay Assets Liabilities ComStk RE 400 AR 400 Serv Rev Dual Transactions Assets rt 400 AR Common Stock rt 400 Service Revenue Cash Flow 0 No cash was exchanged Next month when customer pays Cash with increase by the amount of the payment A R will decrease by the amount of the payment There is no revenue recognized next month Revenue is only recognized when service is preformed Current Ratio Current Assets Current Liabilities


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