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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
Department Income Statement
Must be complete in USALI format Show all sub-titles and sub- totals Calculate all percentages
Total revenue is 100%
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%
Statement of Retained Earnings
Calculate a statement of retained earnings
Difference in dividends declared and dividends paid
Chart of Balance Sheet Items
Knowledge of where various accounts belong Current Assets Other Assets Current Liabilities Long term Liabilities Owners Equity
Financial Statement Analysis
Calculate various financial statement ratios
Formula sheet provided
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
Multiple Choice
Net Working Capital Additional Paid in Capital (Par Value) Treasury Stock What is liquidity?
Questions?
Be sure to bring a calculator Pencils Scantron not needed