Financial Statements for a Corporation JEOPARDY
Dec 16, 2015
Financial Statements for a Corporation
JEOPARDY
Income Income StatementStatement
Analyzing Analyzing Income StIncome St
Statement of Statement of Stockholders’ Stockholders’
EquityEquity
Balance Balance SheetSheet VocabularyVocabulary GRAB BAGGRAB BAG
100 100 100 100 100 100
200 200 200 200 200 200
300 300 300 300 300 300
400 400 400 400 400 400
500 500 500 500 500 500
600 600 600 600 600 600
Financial Statements for a Corporation JEOPARDY
Income Statement - 100
• The income statement of a merchandising business has three main sections…
what is . . . Revenue, Cost of Merchandise Sold and Expenses
what is . . . Revenue, Cost of Merchandise Sold and Expenses
Income Statement - 200
• The two contra accounts for Sales
what are . . . Sales Discounts and Sales Ret. & Allow.
what are . . . Sales Discounts and Sales Ret. & Allow.
Income Statement - 300
• The two contra accounts for Purchases
what are . . . Purchases Discounts & Purchases Ret. & Allow
what are . . . Purchases Discounts & Purchases Ret. & Allow
Income Statement - 400
• Calculation for Total Cost of Merchandise available for sale
What is . . . Net Purchases plus
Beginning Merchandise Inventory What is . . . Net Purchases plus
Beginning Merchandise Inventory
Income Statement - 500
• The remaining revenue after cost of merchandise sold has been deducted
what is . . . Gross Profit on Sales
what is . . . Gross Profit on Sales
Income Statement - 600
• Another name for cost of merchandise sold.
what is . . . Cost of goods sold or cost of sales
what is . . . Cost of goods sold or cost of sales
Analyzing Income ST - 100
• For a component percentage to be useful, a business must know…
what is . . . Acceptable percentages (industry standards)
what is . . . Acceptable percentages (industry standards)
Analyzing Income St - 200
• The major cost of a merchandising business…
what is . . . Cost of Merchandise Soldwhat is . . . Cost of Merchandise Sold
Analyzing Income St - 300
• Gross Profit must be large enough to
what is . . . Cover expenses and the desired amount of net income
what is . . . Cover expenses and the desired amount of net income
Analyzing Income St - 400
• Total expenses must be less than
what is . . . Gross Profit on Sales (to provide a desirable net income)
what is . . . Gross Profit on Sales (to provide a desirable net income)
Analyzing Income St - 500
• The business’s total expenses are greater than the gross profit, the difference is known as
what is . . . Net Losswhat is . . . Net Loss
Analyzing Income St - 600
what are . . . Cost of Merchandise Sold, Gross Profit on Sales, total expenses, net income before income tax
what are . . . Cost of Merchandise Sold, Gross Profit on Sales, total expenses, net income before income tax
• The four components reported on the income statement…
Statement of Stockholders’ Equity - 100
• A financial statement that shows changes in a corporation’s ownership for a fiscal period
what is . . . Statement of stockholders’ equitywhat is . . . Statement of stockholders’ equity
Statement of Stockholders’ Equity - 200
• A value assigned to a share of stock and printed on the stock certificate is called
what is . . . PAR VALUEwhat is . . . PAR VALUE
Statement of Stockholders’ Equity - 300
• The two sections in a statement of stockholders’ equity
what are . . . Capital Stock & Retained Earnings
what are . . . Capital Stock & Retained Earnings
Statement of Stockholders’ Equity - 400
• The information found to prepare the capital stock section of a statement of stockholder’s equity
what is . . . The capital stock general ledger account.
what is . . . The capital stock general ledger account.
Statement of Stockholders’ Equity - 500
• The beginning balance of retained earnings is found
what is . . . the balance sheet credit column of the worksheet.
what is . . . the balance sheet credit column of the worksheet.
Statement of Stockholders’ Equity - 600
• The corporation distributes a portion on income to stockholders
what is . . . a dividendwhat is . . . a dividend
Balance Sheet - 100
• The two sources information is obtained from for the balance sheet
what are . . . Balance sheet columns of the worksheet and statement of stockholders’ equity
what are . . . Balance sheet columns of the worksheet and statement of stockholders’ equity
Balance Sheet - 200
• Calculation for the book value of Accounts receivable
what is . . . Accts. Receivable less Allowance for Uncollectible Accounts
what is . . . Accts. Receivable less Allowance for Uncollectible Accounts
Balance Sheet - 300
• Example of a long-term liability
what is . . . Mortgage Payable, Notes Payable
what is . . . Mortgage Payable, Notes Payable
Balance Sheet - 400
• Two classifications of Assets for our Merchandising Balance sheet
what are . . . Current Assets & Plant Assets
what are . . . Current Assets & Plant Assets
Balance Sheet - 500
• Two items reported under the Stockholders’ Equity section
what are . . . Capital Stock and Retained Earnings (taken for the statement of Shareholders’ Equity)
what are . . . Capital Stock and Retained Earnings (taken for the statement of Shareholders’ Equity)
Balance Sheet - 600
• Two supporting schedules that might accompany a balance sheet
what are . . . Schedule of Accounts Receivable and Schedule of Accounts Payable
what are . . . Schedule of Accounts Receivable and Schedule of Accounts Payable
Vocab/Concepts - 100
• A comparison between two items of financial information
what is . . . A financial ratiowhat is . . . A financial ratio
Vocab/Concepts - 200
• The amount of net income after federal income tax belonging to a single share of stock
what is . . . Earnings Per Sharewhat is . . . Earnings Per Share
Vocab/Concepts - 300
• The relationship between the market value per share and earnings per share
what is . . . Price-earnings ratiowhat is . . . Price-earnings ratio
Vocab/Concepts - 400
• Instead of industry standards the EPS is compared to these two things
what are . . . Prior year’s earnings per share or Market Price on the stock
what are . . . Prior year’s earnings per share or Market Price on the stock
Vocab/Concepts - 500
• AN ORDER TO COMPEL THAT SOMETHING BE DONE
what is . . . AN INJUNCTIONwhat is . . . AN INJUNCTION
Vocab/Concepts - 600
• Companies with a high price-earnings ratio
what are . . . Growth Companieswhat are . . . Growth Companies
GRAB BAG - 100
• The financial statements should provide information about a business’s financial condition, changes in this financial condition and the progress of operations
what is . . . Adequate Disclosurewhat is . . . Adequate Disclosure
GRAB BAG - 200
• Financial information must be reported the same way from one fiscal period to the next
what is . . . Consistent Reportingwhat is . . . Consistent Reporting
GRAB BAG - 300
• Total Sales less sales discounts an sales returns and allowances
what is . . . Net Saleswhat is . . . Net Sales
GRAB BAG - 400
• The amount an owner expects to receive when a plant asset is removed from use
what is . . . Estimated salvage valuewhat is . . . Estimated salvage value
GRAB BAG - 500
• The total amount of depreciation expense that has been recorded since the purchase of a plant asset
what is . . . Accumulated depreciationwhat is . . . Accumulated depreciation
GRAB BAG - 600
• The amount of goods on hand for sale to customers
what is . . . Merchandise Inventorywhat is . . . Merchandise Inventory
Final Jeopardy
• Calculate Total Cost of Merchandise Available for Sale
Merchandise Inventory 1/1140,480.00
Net Purchases204, 826.90
Merchandise Inventory 12/31124, 640.00
Purchases Discounts 1, 648.15