SECRET CRABBY PATTY FORMULA Flashcards
1
Q
What is the accounting equation
A
Assets = Liability + Equity
2
Q
What is the equation to find the Owner’s Equity
A
Owner’s Equity/Ending Capital = Beginning Capital + Additional Capital + Profit - Drawings
3
Q
What is the Equation for Working Capital?
A
Current Assets - Current Liabilities
4
Q
What is the equation for Gross Profit
A
Gross Profit = Net Sales Revenue - Cost of sales
5
Q
What is the equation of Net Sales Revenue?
A
Net Sales Revenue = Sales Revenue - Cost of sales
6
Q
What is the equation for Profit/Loss for the period?
A
(Gross Profit + Other Income) - Expenses/
