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20 Cards in this Set

  • Front
  • Back

Ending Balance

= Beginning Balance + New Credit Sales - Write Offs - Cash Collected

Allowance Account to Accounts Receivable

Allowance/ Accounts Receivable

Bad Debt Expense to Sales

Bad Debt/Sales

Gross Margin

Sales Revenue - COGS

Gross Margin %

Gross Margin/Sales Revenue

Working Capital

Current Assets - Current Liabilities

Ending Inventory

Beginning Inventory + Additions - Withdrawals

Cost of Goods Sold %

Cost of Goods Sold/Sales Revenue

Accounts Receivable Net

Accounts Receivable Gross - Allowance for Uncollectibles

Straight Line (time) method

(Cost - Salvage Value)/ Estimated Life in Years

Straight Line (use) Method

(Cost - Salvage Value)/ Estimated Units of Use

Double-declining balance method

set depreciation rate at double straight line method

Sum-of-the-years' digit method

- Ex. Five year asset (5+4+3+2+1)

- 5/15 first year, 4/15 second year, 3/15 third year, etc.

Property, Plant, and Equipment Net

PPE Gross - Accumulated Depreciation

Gain (or loss if negative)

Proceeds - Carrying Value

- this appears in net income and after closing entries it increases retained earnings

US GAAP impairment loss

Carrying Value - Fair value

(only if carrying value > undercounted cash flow)

IFRS impairment loss

Carrying value - recoverable amount

Recoverable amount

= Fair value - cost to sell

= Present value of future cash flows


LIFO COGS - Change in LIFO Reserve

FIFO Ending Inventory

LIFO Ending Inventory + Balance in LIFO Reserve