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20 Cards in this Set
- Front
- Back
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Ending Balance |
= Beginning Balance + New Credit Sales - Write Offs - Cash Collected |
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Allowance Account to Accounts Receivable |
Allowance/ Accounts Receivable |
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Bad Debt Expense to Sales |
Bad Debt/Sales |
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Gross Margin |
Sales Revenue - COGS |
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Gross Margin % |
Gross Margin/Sales Revenue |
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Working Capital |
Current Assets - Current Liabilities |
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Ending Inventory |
Beginning Inventory + Additions - Withdrawals |
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Cost of Goods Sold % |
Cost of Goods Sold/Sales Revenue |
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Accounts Receivable Net |
Accounts Receivable Gross - Allowance for Uncollectibles |
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Straight Line (time) method |
(Cost - Salvage Value)/ Estimated Life in Years |
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Straight Line (use) Method |
(Cost - Salvage Value)/ Estimated Units of Use |
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Double-declining balance method |
set depreciation rate at double straight line method |
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Sum-of-the-years' digit method |
- Ex. Five year asset (5+4+3+2+1) - 5/15 first year, 4/15 second year, 3/15 third year, etc. |
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Property, Plant, and Equipment Net |
PPE Gross - Accumulated Depreciation |
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Gain (or loss if negative) |
Proceeds - Carrying Value - this appears in net income and after closing entries it increases retained earnings |
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US GAAP impairment loss |
Carrying Value - Fair value (only if carrying value > undercounted cash flow) |
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IFRS impairment loss |
Carrying value - recoverable amount |
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Recoverable amount |
= Fair value - cost to sell = Present value of future cash flows |
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FIFO COGS |
LIFO COGS - Change in LIFO Reserve |
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FIFO Ending Inventory |
LIFO Ending Inventory + Balance in LIFO Reserve |
