Balance Sheet
On the balance sheet, these represent what the company owes to others
Liabilities
revenues minus expenses equals ____ _______
"Net Income" or "Net Loss"
The account on the statement of equity that represents the ownership interest of shareholders
common stock
To record the payment of taxes in cash:
debit Taxes (Expense)
credit _______
Cash
A little clown fish gets lost and then I believe his dad and his forgetful best friend go looking for him.
Finding Nemo
What is the accounting equation?
Assets = Liabilities + Equity
The category on the income statement that includes sales and fees earned is ___________
Revenue
a "reward" from the Company's profits to the owners for investing in the company. what account represents distributions to shareholders?
dividends
To record the collection of accounts receivable :
debit Cash
credit ________ _________
Accounts Receivable
A young lady goes to a creepy castle looking for her dad and instead finds a hairy scary beast... long story short they fall in love.
Beauty and the Beast
Name a fixed asset.
Either buildings, machinery, equipment and/or vehicles.
The category on the income statement that includes rent, utilities, and salaries is _________.
Expenses
This account on the statement of equity represents the cumulative earnings retained by the company. Net income from last year goes into this account in the current year. what is this account?
Retained Earnings
To record the purchase of inventory:
debit Inventory
credit _____
Cash
A poor guy wins a free trip on a large ship, meets a rich young lady on the ship and eventually draws her, but unfortunately, the ship hits an iceberg in the middle of the ocean! The guy is not so lucky at the end because he drowns but the lady's heart goes on! at the end of the movie, the old lady drops an expensive necklace into the ocean.
Titanic
assets that are expected to be converted into cash or used up within one year as known as _______ assets.
current assets
What term represents the reduction in an asset's value over time due to wear and tear or obsolescence
depreciation
Beginning Retained Earnings
Plus _____ _______
Minus Dividends
Equals Ending Retained Earnings
Net Income
To record the purchase of inventory on credit :
debit Inventory
credit _____ ______
Accounts Payable
Orphan boy discovers he's a wizard, attends a school called "Hogwarts", makes friends, learns of a hidden threat, and faces evil. That boy can ride a broom like a pro.
Harry Potter
Assets that are not physical in nature but provide long-term economic benefits. These types of assets include patents, trademarks, and copyrights. What are they?
intangible assets
what is the term used for the total revenue minus the cost of goods sold? in other words, total revenue minus cost of goods sold equals _______ ________
Gross Profit
What type of stock typically has a fixed dividend rate and receives priority over common stock in dividend payments?
preferred stock
To record the payment of dividends to shareholders:
debit Dividends
credit _____
Cash
a veteran pilot training a new generation. Facing advanced technology and personal challenges, this maverick pilot navigates loyalty, legacy, and aerial combat excellence.
Top Gun: Maverick