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Chapters 14-16

Financial Statements

TermDefinition
Accumulated Depreciation The total amount of depreciation expense that has been recorded since the purchase of a plant asset
Retained Earnings An amount earned by a corporation and not yet distributed among stockholders
Dividends Earnings distributed to stockholders
Board of Directors A group of people elected by the stockholders to manage a corporation
Declaring Dividend An action by a board of directors to distribute corporate earnings to stockholders
Merchandise Inventory The amount of goods on hand for sale to customers
Uncollectible Accounts Accounts receivable that cant be collected
Allowance Method of Recording Losses from uncollectible accounts Crediting the estimated value of uncollectible accounts to contra accounts
Book Value The difference between the balance of accounts receivable and its other account- Allowance of Uncollectible Accounts
Book Value of Accounts Receivable Allowance for Uncollectible Accounts
Current Assets Cash and other assets expected to be exchanged for cash or to be consumed within a year
Plant Assets Assets that will be used for a number of years in operation of a business
Depreciation Expense A portion of a plant asset's cost that is transferred to an expense account in each fiscal period
Estimated Salvage Value The amount an owner expects to receive when a plant asset is removed
Straight line method of Depreciation Charging an equal amount of depreciation expense for a plant asset in each year
Net Sales Total Sales less sales discount and sales return and allowances
Cost of Merchandise Sold The original price of all merchandise sold during a fiscal period
Gross Profit on Sales The revenue remaining after cost of merchandise sold has been deducted
Financial Ratio A comparison between two or more items of financial information
'Earnings per Share The amount of net income after federal income tax belonging to a single share of stock
Price Earnings Ratio The relationship between the market value per share and earnings per share of a stock
Statement of stockholder's equity A financial statement that shows changes in a corporation's ownership for a fiscal period
Par Value A value assigned to a share of stock and printed on the stock certificate
Current Liabilities Liabilities due within a short time, usually within a year
Long-term liabilities Liabilities owed for more than a year
Supporting Schedule A report prepared to give details about an item on a principal financial statement
Book Value of Plant Assets Assets that are plant based on the amount taken from owner's equity
Created by: KKK grand wizard