Financial Statements Word Scramble
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Term | Definition |
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. |
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mholland2228
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