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HFT 2401 EXAM 2 REVIEW. Problems to Complete 1) A departmental income statement 2) A statement of retained earnings 3) A chart demonstrating where various.

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Presentation on theme: "HFT 2401 EXAM 2 REVIEW. Problems to Complete 1) A departmental income statement 2) A statement of retained earnings 3) A chart demonstrating where various."— Presentation transcript:

1 HFT 2401 EXAM 2 REVIEW

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

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

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

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

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

7 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

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

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

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