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10 Cards in this Set
- Front
- Back
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Retained Earnings Formula |
Net income ÷ Dividends payable |
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Accounting formula |
Assets= Owner's Equity + Liabilities |
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Cost of food sold OR Cost of food sales |
Cost of food used- Employee meals |
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Gross profit formula |
Sales- cost of food sales or Total revenue- cost of sales |
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Cost of sales formula |
Cost of food sales + cost of beverage sales |
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Book value of assets |
Original cost - Accumulated depreciation |
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Net income formula |
Revenue- expenses ( incl: taxes rent)
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Cost of sales formula |
Beginning food inventory + food purchases= Food available for sales- end inventory= cost of food used ( consumed)- employee meals- cost of sales |
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Net income formula |
Revenue- cost of sales= gross profit- operating expenses= income B4 fixed charges and income taxes - fixed charges= income B4 income taxes= Net income |
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Dividends paid |
Net income+ Beginning RE - End RE |
