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Financial Statements

TermDefinition
Balance Sheet On the left side of the sheet is the firm's assets, and on the right side is the firm's equity and liabilities against the assets.
Income Statement Reports the results of operations over a period of time and shows the earnings per share at the bottom.
Statement of Retained Earnings Shows the change in retained earnings between the balance sheet dates.
Operating Cash Investors should be more interested in the projected cash flows then in reported earnings.
Cash Flow Cycle Way actual net cash flows into or out of a firm during a specific time.
Statement of Cash Flows Reports the impact of operating, investing, and financing activities on cash flows.
Value Depends on the stream of after tax cash flows the firm produces.
Income Tax Rates The higher one's income is, the larger the percentage paid in taxes.
Assets Assets such as stocks, bonds, and real estate are defined as capital assets. When an asset is sold for more than its cost, it becomes a capital gain. When money is lost it is capital loss.
Operating Income Operating income paid out as dividends is subject to double taxation: first taxed at the cooperate level, and then shareholders must pay personal taxes.
Interest Income taxed as ordinary income, however 70% of the dividends received from another cooperation are excluded.
Cooperate Operating Income Can be carried back to each of the past three years and carried forward for the next 15 years to offset taxable income in those years.
S Cooperations Small businesses which have limited liability benefits of a cooperate organization yet have the benefits of being taxed only once like a partnership.
Created by: mholland2228