Statements Accounts and Amounts Flashcards
1
Q
Current Assets
A
Cash = Cash Reserve Fund A/R Inventory Office supplies Prepaid Other Current Assets
2
Q
Fixed Assets
A
Equipment/Furniture/Fixtures Leasehold Improvements Land/Building Auto and truck Other Fixed Assets
3
Q
Other Assets
A
Organizational Fees
4
Q
Current Liabilities
A
Long term loans (current portion)
Short term
A/P
Other
5
Q
Long term liabilities
A
Long term loans
mortgages and Liens payable
loans form shareholders other long term obilgations
Other
6
Q
Equity
A
Cash (owners capital or Shares Outstanding)
Gerneral Start-up
Equipment
Other
7
Q
COGS
A
Opening Inventory = Balance Sheet (plus) Purchases Subtotal (minus) Closing Inventory = Total COGS
