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HFT 2403 EXAM 2 REVIEW.

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Presentation on theme: "HFT 2403 EXAM 2 REVIEW."— Presentation transcript:

1 HFT 2403 EXAM 2 REVIEW

2 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

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

4 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%

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

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

7 Financial Statement Analysis
Calculate various financial statement ratios Formula sheet provided

8 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

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

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

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