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Chapter 14

TermDefinition
retained earnings amount earned by corporation; not yet distributed to stockholders
dividends earnings distributed to stockholders
board of directors corporation managers; appointed by stockholders
declaring a dividend distribute corporation earnings to stockholders
merchandise inventory amount of goods on hand for sale to customers
uncollectible accounts accounts receivable that cannot be collected
allowance method of recording losses from uncollectible accounts crediting the value of uncollectible accounts to a contra account
book value difference between an asset's account balance and its related contra account balance
book value receivable difference between Accounts Receivable balance and its contra account, Allowance for Uncollectible Accounts
current assets cash and other assets expected to be consumed or exchanged for cash within a year
plant assets assets used for numerous year in business' operation
depreciation expense portion of plant asset's cost that is transferred to an expense account in each fiscal period during a plant asset's useful life
estimated salvage value amount an owner expects to receive when a plant asset is removed from use
straight-line method of depreciation charging an = amount of depreciation expense for a plant asset in each year of useful life
accumulated depreciation total amount of depreciation expense that has been recorded since the purchase of a plant asset
book value of a plant asset original cost of plant asset minus accumulated depreciation
Created by: Tate.cord70