HFT 2403 EXAM 2 REVIEW.

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Presentation transcript:

HFT 2403 EXAM 2 REVIEW

Problems to Complete 1) A departmental income statement 2) A complete balance sheet 3) A statement of retained earnings 4) A chart demonstrating where various account belong on the balance sheet 5) A cost of goods sold statement 6) Financial statement analysis

Department Income Statement Must be complete in USALI format Show all sub-titles and sub- totals Calculate all percentages Total revenue is 100%

Balance Sheet Complete in USALI format Total assets must = total liabilities & equity All sub-headings must be shown and calculated Current assets Fixed assets Current liabilities Long term liabilities Equity All percentages must be calculated Total assets = 100% Total liabilities and equity = 100%

Statement of Retained Earnings Calculate a statement of retained earnings Difference in dividends declared and dividends paid

Chart of Balance Sheet Items Knowledge of where various accounts belong Current Assets Other Assets Current Liabilities Long term Liabilities Owners Equity

Financial Statement Analysis Calculate various financial statement ratios Formula sheet provided

Multiple Choice Definition of current and long term liabilities Definition of departmental versus overhead expenses How are current assets listed? Gains and losses Internal versus external users of financial statements Current ratio - calculate

Multiple Choice Net Working Capital Additional Paid in Capital (Par Value) Treasury Stock What is liquidity?

Questions? Be sure to bring a calculator Pencils Scantron not needed