Relier Pairs Balance Sheet & P & LVersion en ligne Match the key terms descriptions to the Balance Sheet and Income Statement classifications par Andy Gold 1 The equity in the profits of a corporation that are kept in the corporation for operating, expansion, or other purposes. 2 Long-term assets, whose values are derived from some right or privilege associated with them, that do not have tangible characteristics of consequential value. (e.g. trademarks, patents, franchises). 3 Net Sales – Costs of Goods Sold 4 Sales – (Sales Returns and Allowances + Sales Discounts) 5 Debts or obligations of a business that are not Current Liabilities. 6 Debts or obligations of a business that are to be fulfilled within one year or the normal operating cycle, whichever is longer. These obligations are fulfilled by giving current assets, rendering services, or replacing them with other current liabilities. 7 Cash or other assets that are expected to be converted into cash or used in the generation of revenue within one year or the business’ normal operating cycle,whichever is longer. 8 Tangible long-term assets used in business operations. 9 Gross Margin – Operating Expenses 10 Assets, usually long-term, that are owned by a business but not used in the primary operations of the business. Current Liabilities Net Sales Plant, Property, and Equipment Income from Operations Long Term Liabilities Investments Gross Profit Intangible Assets Retained Earnings Current Assets
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