Equations Flashcards
1
Q
Total Operating Expenses includes
A
Accounting Interest Advertising Depreciation Insurance Computer expense Miscellaneous expenses Salaries Supplies expenses Taxes Utilities
2
Q
Total Current Assets includes
A
Cash Accounts Receivable Merchandise Inventory Assets Prepaid advertising Prepaid property taxes Supplies Assets
3
Q
Total Non Current Assets includes
A
Building assets Computer assets Land Office furniture Truck
4
Q
Total Current Liabilities includes
A
Accounts payable
Mortgage Interest
Note payable w/in a year
Income tax
5
Q
Total non-current liabilities
A
Mortgage Payable
Notes payable
6
Q
GM Formula
A
Revenues (sales) - COGS
7
Q
Net income Formula
A
GM - operating expenses
8
Q
COGAS Formula
A
Purchases - returns + BI
9
Q
COGS Formula
A
BI + Net Purchases + Freight - EI
10
Q
OE Formula
A
Assets - Liabilities
BI + Net income + additional investments - withdrawals
11
Q
Retained Earnings Formula
A
Beginning balance + Net income - dividends paid
