2 - Cash & Cash Equivalents, Balance Sheet

Question 1

Current Assets

Answer 1

assets that will be used up or converted into cash within one year or the operating cycle, whichever is longer - cash, temp. trading securities, a/r, n/r, inventories, and prepaid expenses

Question 2

Current Liabilities

Answer 2

liabilities that will be settled within one year or operating cycle, whichever is longer - a/p, accrued expenses, div. payable, income taxes payable, current portion of l/t debt.

Question 3

Cash Equivalent

Answer 3

convertible within 90 months or less - coin and currency on hand (petty cash) - money market accounts - unmailed checks - savings accounts - CDs with original maturity of 90 days or less - negotiable paper (bank checks, travelers checks, money orders)

Question 4

GAAP Income Statement + Comp. Income (ON-TIDe-N-OC)

Answer 4

O perating Income

N on operating income

T axes (current and deferred)

I ncome from continuing operations

D iscontinued componenet unit (net of taxes)

N et income

O ther C omprehensive income (DENT) (net of taxes)

C omprehensive income

*i like to surf on the tide in the OC.