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 Sales – (Sales Returns and Allowances + Sales Discounts) 3 Gross Margin – Operating Expenses 4 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. 5 Net Sales – Costs of Goods Sold 6 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). 7 Assets, usually long-term, that are owned by a business but not used in the primary operations of the business. 8 Debts or obligations of a business that are not Current Liabilities. 9 Tangible long-term assets used in business operations. 10 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. Gross Profit Plant, Property, and Equipment Current Liabilities Long Term Liabilities Investments Income from Operations Intangible Assets Current Assets Net Sales Retained Earnings
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