classified balance sheet Flashcards
assets- current assets
no abrv.
who: companys name
what: b/s
when: m/d/y
assets
current assets
order; how it is listed in w/s
1st c/a - $that
all c/a - that
last c/a- that
total c/a; add all c/a’s up - $lat
how to know if an asset is a current asset-it will be used up in a year
assets - fixed assets
no abrv.
fixed assets
equipment - $this
less: a/d-equip. - this
equipment minus a/d-equip; put in the same row as a/d-equip. - $that
building- $this
less: a/d-buildi.- this
building minus a/d-buildi; put in the same row as a/d-buildi.-that
land- that
any other f/a - that
last f/a - that
total f/a; add everything in f/a that column together- lat
total assets; add total c/a with total f/a- $lat
how to know if an asset is a fixed asset-it will take longer than a year
property,equipment,plant.
liabilities and OE - current liabilties
no abrv.
current liabilities
first c/l (usually a/p)- $that
HST payable- $this
less: HST recoverable -* this*
hst payable minus hst recoverable; put it in the same row as hst recoverable (or the last c/l) - that
total c/l; add everything in that-col. - $lat
expected to settle within 1 year
liabilities and OE - long term liabilites
no abrv.
long term liabilites
first l-t/l - $that
all l-t/l- that
last l-t/l- that
total l-t/l; add every l-t/l up - lat
total liabilites; add total c/l with total l-t/l -* $lat*
takes longer than a year to settle
liabilites and OE- owners equity
no abrv.
owners equity
T. Derri, Capital - nothing
Balance at start of the year- $that
Net income- $this
less: drawings - this
Increase (decrease) in capital; net income minus drawings number, if negative put brackets around them - that
balance at the end of the year; begging balance minus (if positive number add) increase (decrease) in capital- lat
total liabilities and owners equity; add total liabilites with end balance - $lat
the owners equity
