2 Problems to Complete 1) A departmental income statement 2) A complete balance sheet3) A statement of retained earnings4) A chart demonstrating where various account belong on the balance sheet5) A cost of goods sold statement6) Financial statement analysis
3 Department Income Statement Must be complete in USALI formatShow all sub-titles and sub- totalsCalculate all percentagesTotal revenue is 100%
4 Balance Sheet Complete in USALI format Total assets must = total liabilities & equityAll sub-headings must be shown and calculatedCurrent assetsFixed assetsCurrent liabilitiesLong term liabilitiesEquityAll percentages must be calculatedTotal assets = 100%Total liabilities and equity = 100%
5 Statement of Retained Earnings Calculate a statement of retained earningsDifference in dividends declared and dividends paid
6 Chart of Balance Sheet Items Knowledge of where various accounts belongCurrent AssetsOther AssetsCurrent LiabilitiesLong term LiabilitiesOwners Equity
8 Multiple Choice Definition of current and long term liabilities Definition of departmental versus overhead expensesHow are current assets listed?Gains and lossesInternal versus external users of financial statementsCurrent ratio - calculate
9 Multiple Choice Net Working Capital Additional Paid in Capital (Par Value)Treasury StockWhat is liquidity?
10 Questions?Be sure to bring a calculatorPencilsScantron not needed