Balance Sheet Flashcards
What are the main elements of a balance sheet?
Total assets, Total liabilities and stockholder’s equity
What categories are under Assets on a Balance Sheet?
- Cash
- Accounts Receivable
- Inventories
- Property, Plant, and Equipment
What are the categories under Liabilities on a Balance Sheet?
- Accounts payable
- Notes payable to bank
What are the categories under Stockholder’s Equity on a Balance Sheet?
- Common stock
- Retained earnings
What are Accounts receivable? Under which category does it fall on the Balance Sheet?
Amounts owed by customers from prior sales; Assetss
What are Inventories? Under which category does it fall on the Balance Sheet?
Ingredients and beverages ready for sale; Assets
What are Property, plant, and equipment? Under which category does it fall on the Balance Sheet?
Factories, production equipment, and land ; Assets
What are Assets?
Resources controlled by the company
What is Liabilities and stockholders’ equity?
Sources of financing for company’s resources
What are Liabilities?
Financing supplied by creditors
What are Accounts payable? Under which category does it fall on the Balance Sheet?
Amounts owed to suppliers for prior purchases; Liabilities
What are Notes payable to banks? Under which category does it fall on the Balance Sheet?
Amounts owed to banks on written debt contracts; Liabilities
What is Stockholders’ equity?
Financing provided by stockholders
What is Common stock? Under which category does it fall on the Balance Sheet?
Amounts invested in the business by stockholders; Stockholders’ equity
What are Retained earnings?
Past earnings not distributed to stockholder
