BUS 420 Chapter Notes - Chapter 6: Cash Flow, Weighted Arithmetic Mean, Current Liability
20 Jul 2020
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**annual report contains basic financial statements as well as management"s opinion of the past year"s operations and the firm"s future prospects. Presents the balance sheet, the income statement, the statement of stockholders" equity, and the statement of cash flows. **balance sheet a statement of the firm"s financial position at a specific point in time. The firm"s assets are listed on the left-hand side of the balance sheet; the right-hand side shows its liabilities and equity, or the claims against these assets. **statement of stockholders" equity statement showing the beginning stockholders" equity, any changes due to stock issues/repurchases, the amount of net income that is retained, and the ending stockholders" equity. *s-t = short term; ca = current assets; Ar = accounts receivable; fa = fixed assets. **fifo (first in, first out) & lifo (last in, first out) Used to determine the inventory value shown on the balance sheet.
