Income Statement
inflows or other enhancements of assets or settlements of liabilities (or a combination of both) from delivering or producing goods, rendering services, or carrying other activities.
What are revenues
Definition: Net income earned for each common share outstanding.
What is EPS
Name one of the 3 types of cash flow activities
Operating, Investing, and Financing
T/F Net Income = Comprehensive Income
F
What does ROA stand for
Return on Assets
What is the final amount from subtracting expenses and losses from revenues and gains.
What is net income
Formula for EPS
(Net Income - preferred dividends)/weighted average of common shares outstanding
What type of activity? Selling Inventory
Operating
Net Income + Other Comprehensive Income
What is Comprehensive Income
Net Sales / Average Total Assets
Asset Turnover
Sales - contra-sales accounts = ?
What is Net Sales
Net Income is $1,000,000 and the amount of common shares outstanding on January 1 is 500,000. No shares were repurchased or issued during the year.
What is $2 per share
What type of activity? Collecting Notes Receivable
Investing
outflows or other using up of assets or incurrences of liabilities from delivering or producing goods, rendering services, or carrying out other activities that constitute the entity’s ongoing operations.
What are expenses
Average Days in Inventory
365 / Inventory Turnover
Operating Income +/- Other (Nonoperating) Income=?
What is income before taxes
What type of shareholders do we account for when calculating EPS?
What are common shareholders?
What type of activity? Issuing own stock
Financing
Name a component of OCI
Gain/Loss on AFS securities, Foreign Currency Translation, etc.
Profit Margin on Sales
Net Income / Net Sales
Net Income is $600,000, and the income tax rate is 25%. Total Other Income is $25,000, Operating Expenses is $300,000 and Net Sales is $1,500,000. What is Cost of Goods Sold?
What is $425,000
The company has continued net income of $400,000 and discontinued net income of 200,000. The amount of common shares at the beginning of the year was 100,000 shares outstanding, but 50,000 shares were issued on July 1.
Name EPS amount for continued, discontinued, and total operations.
What is 3.2, 1.6, and 4.8
Name what type of activity: collecting dividends
Operating
Company Z reports the following amounts
- Net Income is $800,000
- Unrealized Gain of AFS securities $35,000
- Loss on foreign currency translation $5,000
- Loss on derivative $12,000
What is Comprehensive Income?
$818,000
Return on Equity
Net Income / Avg. Total Equity