UD Financial Accounting Hoops Challenge

ASSETS

Cash Account

Accounts Receivable

Inventory

Supplies

Prepaid Expense

Stock Investments

Land Investments

Equipment

Land & Buildings

Intangible Assets

LIABILITIES

Accounts Payable

Salaries and Wages Payable

Unearned Revenue

Long-Term Notes Payable

Mortgage Payable

Bonds Payable

STOCKHOLDER'S EQUITY

Retained Earnings

Common Stock

REVENUE

Service Revenue

Sales Revenue

Interest Income

EXPENSES

Cost of Goods Sold

Supplies Expense

Rent Expense

Salaries & Wages Expense

Advertising Expense

Insurance Expense

Interest Expense

Income Tax Expense

Utilities Expense

NET INCOME (LOSS)

Currency and coins on hand plus balances in checking and savings accounts.

Amounts earned from selling products to customers.

Amounts owed to suppliers for purchases made on credit.

Amounts earned from performing services for customers.

Machinery, computers, tools, and vehicles owned and used in operations.

Cumulative profits kept in the business rather than paid as dividends.

Products a company owns and holds for resale to customers.

Amounts customers owe for products or services sold on credit.

Cost of electricity, internet, water, and sewage used in operations.

Land & physical stores used in a retailer's operations

Patents, Trademarks, & Copyrights

Land not used in operations and held for future use or appreciation.

Amounts received before goods are delivered or services are performed.

Cost of inventory sold to customers.

Cost of borrowing through loans, mortgages, or bonds.

Amounts invested by stockholders in exchange for ownership shares.

Goods on hand for future use in operations, not for resale.

Office and cleaning supplies used in current period operations.

Total Revenue less Total Expenses for an accounting period

Long-term investments in another corporation's stock.

A merchandiser's cost to buy merchandise it later sold.

Amount due on a 20-year mortgage to finance purchase of a building

Cost of designing marketing materials and promoting the business or its products.

Rent paid in advance for occupancy in a future period.

Salaries and wages owed for work already performed.

Cost of employee labor used during the period.

Amount owed beyond one year under a written promissory note.