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Financial Statements for a Corporation JEOPARDY. Income Statement Analyzing Income St Statement of Stockholders’ Equity Balance Sheet Vocabulary GRAB.

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Presentation on theme: "Financial Statements for a Corporation JEOPARDY. Income Statement Analyzing Income St Statement of Stockholders’ Equity Balance Sheet Vocabulary GRAB."— Presentation transcript:

1 Financial Statements for a Corporation JEOPARDY

2 Income Statement Analyzing Income St Statement of Stockholders’ Equity Balance Sheet Vocabulary GRAB BAG 100 200 300 400 500 600 Financial Statements for a Corporation JEOPARDY

3 Income Statement - 100 The income statement of a merchandising business has three main sections… what is... Revenue, Cost of Merchandise Sold and Expenses

4 Income Statement - 200 The two contra accounts for Sales what are... Sales Discounts and Sales Ret. & Allow.

5 Income Statement - 300 The two contra accounts for Purchases what are... Purchases Discounts & Purchases Ret. & Allow

6 Income Statement - 400 Calculation for Total Cost of Merchandise available for sale What is... Net Purchases plus Beginning Merchandise Inventory

7 Income Statement - 500 The remaining revenue after cost of merchandise sold has been deducted what is... Gross Profit on Sales

8 Income Statement - 600 Another name for cost of merchandise sold. what is... Cost of goods sold or cost of sales

9 Analyzing Income ST - 100 For a component percentage to be useful, a business must know… what is... Acceptable percentages (industry standards)

10 Analyzing Income St - 200 The major cost of a merchandising business… what is... Cost of Merchandise Sold

11 Analyzing Income St - 300 Gross Profit must be large enough to what is... Cover expenses and the desired amount of net income

12 Analyzing Income St - 400 Total expenses must be less than what is... Gross Profit on Sales (to provide a desirable net income)

13 Analyzing Income St - 500 The business’s total expenses are greater than the gross profit, the difference is known as what is... Net Loss

14 Analyzing Income St - 600 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…

15 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’ equity

16 Statement of Stockholders’ Equity - 200 A value assigned to a share of stock and printed on the stock certificate is called what is... PAR VALUE

17 Statement of Stockholders’ Equity - 300 The two sections in a statement of stockholders’ equity what are... Capital Stock & Retained Earnings

18 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.

19 Statement of Stockholders’ Equity - 500 The beginning balance of retained earnings is found what is... the balance sheet credit column of the worksheet.

20 Statement of Stockholders’ Equity - 600 The corporation distributes a portion on income to stockholders what is... a dividend

21 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

22 Balance Sheet - 200 Calculation for the book value of Accounts receivable what is... Accts. Receivable less Allowance for Uncollectible Accounts

23 Balance Sheet - 300 Example of a long-term liability what is... Mortgage Payable, Notes Payable

24 Balance Sheet - 400 Two classifications of Assets for our Merchandising Balance sheet what are... Current Assets & Plant Assets

25 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)

26 Balance Sheet - 600 Two supporting schedules that might accompany a balance sheet what are... Schedule of Accounts Receivable and Schedule of Accounts Payable

27 Vocab/Concepts - 100 A comparison between two items of financial information what is... A financial ratio

28 Vocab/Concepts - 200 The amount of net income after federal income tax belonging to a single share of stock what is... Earnings Per Share

29 Vocab/Concepts - 300 The relationship between the market value per share and earnings per share what is... Price-earnings ratio

30 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

31 Vocab/Concepts - 500 AN ORDER TO COMPEL THAT SOMETHING BE DONE what is... AN INJUNCTION

32 Vocab/Concepts - 600 Companies with a high price- earnings ratio what are... Growth Companies

33 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 Disclosure

34 GRAB BAG - 200 Financial information must be reported the same way from one fiscal period to the next what is... Consistent Reporting

35 GRAB BAG - 300 Total Sales less sales discounts an sales returns and allowances what is... Net Sales

36 GRAB BAG - 400 The amount an owner expects to receive when a plant asset is removed from use what is... Estimated salvage value

37 GRAB BAG - 500 The total amount of depreciation expense that has been recorded since the purchase of a plant asset what is... Accumulated depreciation

38 GRAB BAG - 600 The amount of goods on hand for sale to customers what is... Merchandise Inventory

39 Final Jeopardy Calculate Total Cost of Merchandise Available for Sale Merchandise Inventory 1/1 140,480.00 Net Purchases 204, 826.90 Merchandise Inventory 12/31 124, 640.00 Purchases Discounts 1, 648.15

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