University:
Widener University
Course:
COMPSCI 345 | Practice and Applications of Data Management
Academic year:

2023
Views:

474

Pages:

9
Author:

Omar Cain

Recitation 1 Agenda Administrative items • TA name: • Email: • Office hours: Quick Review of Basic Accounting Concepts Problem Set # 1: New England Bicycle Security Co. Questions Quick Review/Must Know! 4 Financial Statements 1) Balance Sheet • Assets = Liabilities + Equity • Current and Long Term Accounts • A company snapshot 2) Income Statement • NI (Net Income) = Revenue – Expenses + (gains-losses) • Prepared for a given period of time Quick Review/Must Know! 3) Statement of Cash Flows • Reflects the changes in the Cash Account on the Balance Sheet • 3 sections: – Operating – Investing – Financing 4) Statement of Retained Earnings • Ending RE = Beginning RE + NI – Dividends Relationship between 4 financial statements Figure 2-7 (Pratt 5th edition, page 51) Problem Set # 1: New England Bicycle Security Co. 1. Record the effects of the events on the BSE worksheet ASSETS Event Totals Cash = LIABILITIES & STOCKHOLDERS' EQUITY RE RE Explanation Problem Set # 1: New England Bicycle Security Co. 3. Balance Sheet (12/31/2002) Assets Liabilities and Stockholders’ Equity Problem Set # 1: New England Bicycle Security Co. 3. Income Statement (FY 2002) Revenue Costs and Expenses Net Income Problem Set # 1: New England Bicycle Security Co. 3. Statement of Retained Earnings (FY 2002) Problem Set # 1: New England Bicycle Security Co. 3. Direct Statement of Cash Flows (FY 2002): Cash provided (used) by Operating Activities Cash provided (used) by Investing Activities Cash provided (used) by Financing Activities Increase (decrease) in cash balance Beginning cash balance Ending cash balance