By Samuel Weaver, J. Fred Weston

ISBN-10: 0071364331

ISBN-13: 9780071364331

ISBN-10: 0071382593

ISBN-13: 9780071382595

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A complete description of a firm’s financial activities during a year consists of three basic financial statements. 1. 2. 3. An income statement shows the activities as measured by the revenues (or sales) and expenses of the firm throughout the period. A balance sheet provides a snapshot of what the firm owns and what the firm owes at a specific time. A statement of cash flows lists the sources and uses of cash that resulted throughout the period. The statement of cash flows describes the underlying transactions that caused the cash and cash equivalents (from the balance sheet) to change over time.

And (3) administrative expenses, which are characterized by expenses for corporate and divisional staffs, executive compensation, training, consulting fees, research and development, etc. Selling, marketing, and administrative expenses are sometimes referred to as operating expenses or G&A (general and administrative) expenses. 2, there is also an expense that is separately identified on the income statement entitled loss on disposal of businesses. In 1996, as part of the Leaf North America acquisition, a separate agreement was constructed that sold the European operations of Hershey Foods to the parent company of Leaf North America, Huhtamaki, from Finland.

4,000 2,500 5,000 Dividend Payments B. $ Advertising Expense Consulting Expenses Direct Labor A. 2000 4,500 4,000 100,000 What is the gross income and gross margin (gross income/sales)? What is the operating income (earnings before interest and taxes) and operating margin (operating income/ sales)? What items were not included on the income statement? Why were they not included? 2 Accounting and Finance Fundamentals Balance Sheet Preparation. The following items are listed in alphabetical order.

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Finance and accounting for nonfinancial managers by Samuel Weaver, J. Fred Weston

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