Quiz • Closed book/closed notes • You may collaborate with your team • You are responsible for the answers on your quiz • You do not have to choose the same answers as your team • Put phones away
Tangible Assets current assets (can be converted to cash w/in one year) raw materials work in progress finished inventory accounts receivable
Liabilities current liabilities (due in less than one year) accounts payable long-term liabilities (due in one year or more) notes payable bonds payable
Income Statement shows profit (loss) over a certain period revenue – CGS = gross margin gross margin – operating expenses = net income before taxes net income before taxes – taxes = net income (loss)
Profitability EPS: net income after taxes number of shares outstanding return on sales: net income net sales return on equity: net income after tax owners’ equity