What is the term for the portion of long-term debt that is due within one year? Short-term Debt Current Liability Current portion of long term notes payable Accrued Liability

Current portion of long term notes payable

What is the formula for calculating the adjusting journal entry (AJE) for simple interest? AJE = Principal / Interest Rate AJE = Interest Rate * Principal AJE = Principal * Rate * Time AJE = ST NP principle * % * (#months/12)

AJE = ST NP principle * % * (#months/12)

What is the formula for calculating the adjusting journal entry (AJE) for warranty expense? AJE = Total Sales * Warranty Rate AJE = CY sales * % over entire warranty period AJE = Warranty Expense / Sales AJE = Sales * Warranty Period

AJE = CY sales * % over entire warranty period

Current Liabilities and Stockholders' Equity: Accounting Classifications and Entries

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Finance - Personal Finance

michael1tekrzp Created by 10 mon ago

Cards in this deck(33)

What is the term for debt that must be paid within one year and is associated with day-to-day operations?

What is the term for debt owed for purchasing inventory, supplies, or operation expenses?

What is the term for expenses incurred but not yet paid in cash, such as salaries and taxes payable?

What is the term for debts owed to customers who have prepaid for goods or services?

What is the term for debts owed for money borrowed for operations?

What is the term for debts related to lawsuits or tax disputes?

What is the term for the portion of long-term debt that is due within one year?

What is the formula for calculating the adjusting journal entry (AJE) for simple interest?

What is the formula for calculating the adjusting journal entry (AJE) for warranty expense?

What is the term for the amount of capital that the original stockholders have contributed to the corporation?

What is the basic form of capital stock issued by every corporation, valued by the number of shares issued times the par value?

What is the term for a hybrid between common stock and long-term debt that pays a fixed dividend to shareholders?

What is the term for the excess of the selling price over the par value paid for stock?

What is the term for a value assigned to a share of stock and printed on the stock certificate?

What is the term for equity that a corporation has earned through profitable operations and not paid out in dividends?

What is the term for selling a corporation's stock to the public for the first time?

What is the term for a transaction between two investors buying and selling stock on the market that does not affect accounting records?

What is the term for stock issued to employees as compensation, often involving stock options?

What is the rule for recording an asset at fair market value when stock is issued for a non-cash asset?

What is the rule for recording services rendered at the fair market value of the service received when stock is issued?

What is the term for when a firm reacquires shares of stock from stockholders, reducing shareholders' equity?

What are some reasons a company might buy back treasury stock?

What is the term for the maximum number of shares that can be sold to the public, as determined by the secretary of state?

What is the term for the total number of shares that are sold to stockholders?

What is the term for the number of issued shares held by outside stockholders, to which dividends are paid?

What is the term for the proportional distribution of a firm's earnings to stockholders, which becomes a liability once declared?

What are the two main types of dividends that can be distributed to shareholders?

What are the key dates associated with dividends, including declaration, record, and payment?

What are the requirements for declaring cash dividends, including sufficient retained earnings and cash?

What is the purpose of the statement of cash flows, including predicting future cash flow and evaluating management decisions?

What are the key components needed to prepare a statement of cash flows, including the current year income statement and comparative balance sheet?

What are the five major sections of the statement of cash flows, including operating, investing, and financing activities?

What are the steps involved in the operating activities section of the statement of cash flows, starting with net income?

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Current Liabilities and Stockholders' Equity: Accounting Classifications and Entries

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