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HFT 2403

HFT 2403. EXAM 2 REVIEW. Problems to Complete. 1) A departmental income statement 2) A complete balance sheet 3) A statement of retained earnings 4) A chart demonstrating where various account belong on the balance sheet 5) A cost of goods sold statement 6) Financial statement analysis.

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HFT 2403

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  1. HFT 2403 EXAM 2 REVIEW

  2. Problems to Complete • 1) A departmental income statement • 2) A complete balance sheet • 3) A statement of retained earnings • 4) A chart demonstrating where various account belong on the balance sheet • 5) A cost of goods sold statement • 6) Financial statement analysis

  3. Department Income Statement • Must be complete in USALI format • Show all sub-titles and sub- totals • Calculate all percentages • Total revenue is 100%

  4. Balance Sheet • Complete in USALI format • Total assets must = total liabilities & equity • All sub-headings must be shown and calculated • Current assets • Fixed assets • Current liabilities • Long term liabilities • Equity • All percentages must be calculated • Total assets = 100% • Total liabilities and equity = 100%

  5. Statement of Retained Earnings • Calculate a statement of retained earnings • Difference in dividends declared and dividends paid

  6. Chart of Balance Sheet Items • Knowledge of where various accounts belong • Current Assets • Other Assets • Current Liabilities • Long term Liabilities • Owners Equity

  7. Financial Statement Analysis • Calculate various financial statement ratios • Formula sheet provided

  8. Multiple Choice • Definition of current and long term liabilities • Definition of departmental versus overhead expenses • How are current assets listed? • Gains and losses • Internal versus external users of financial statements • Current ratio - calculate

  9. Multiple Choice • Net Working Capital • Additional Paid in Capital (Par Value) • Treasury Stock • What is liquidity?

  10. Questions? • Be sure to bring a calculator • Pencils • Scantron not needed

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