Accounts

Question 1

Name current balance sheet assets

Answer 1

Cash
Marketable securities
Accounts receivable
(Allowance for doubtful accounts)
Merchandise inventory
Prepaid expenses

Question 2

Name long term assets on balance sheet

Answer 2

Equipment
Buildings
(Accumulated depreciation)
Land
Goodwill
Other intangible assets

Question 3

Name current liabilities on balance sheet

Answer 3

Accounts payable
Salaries payable
Taxes payable
Dividends payable
Current portion mortgages payable
Current portion bonds payable
Current portion notes payable
Interest payable
Deferred revenues

Question 4

Name long term debt

Answer 4

Notes payable
Bonds payable
Mortgage payable
(Discount on bonds)

Question 5

Name components on owners equity statement

Answer 5

Common stock
(Treasury stock)
Retained earnings

Question 6

Derive net sales, total revenues, and gross margin

Answer 6

gross sales
(Returns)
= net sales

Other revenues
Interest income
= total revenues

-cgs
= gross margin

Question 7

Name expenses

Answer 7

Operating expenses:
Salaries
Marketing expenses
Ad expenses
Utility expenses
Supplies expenses
Depreciation expense
Rent expenses

Investing expenses:
Interest expenses
Income tax expense

Question 8

Name retained earnings equation

Answer 8

Beginning retained earnings
+ net income
- dividends declared
= end retained earnings