Matching Pairs Balance Sheet & P & LOnline version Match the key terms descriptions to the Balance Sheet and Income Statement classifications by Andy Gold 1 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. 2 The equity in the profits of a corporation that are kept in the corporation for operating, expansion, or other purposes. 3 Tangible long-term assets used in business operations. 4 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). 5 Debts or obligations of a business that are not Current Liabilities. 6 Sales – (Sales Returns and Allowances + Sales Discounts) 7 Assets, usually long-term, that are owned by a business but not used in the primary operations of the business. 8 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. 9 Net Sales – Costs of Goods Sold 10 Gross Margin – Operating Expenses Net Sales Gross Profit Plant, Property, and Equipment Long Term Liabilities Investments Income from Operations Intangible Assets Retained Earnings Current Liabilities Current Assets
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