ответы английский. Методические рекомендации для преподавателя к учебнику английский язык экономика и финансы environment часть 3
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Illustration 5.1(contains) the statement of the PROFF Company for the Month of July 20XX. It shows that revenues in the amount of $5,700 were generated by serving customers. Expenses for the month (amounted to) $3,630, resulting in net income before taxes for the month of $2,070. It is easy to determine from (a balance sheet) and (an income statement) whether the issuing company was a merchandiser or a manufacturer. b. Consider the CONSOLIDATED INCOME STATEMENT given below. Match the English word combinations in the left-hand column with the Russian equivalents in the right-hand column: CONSOLIDATED INCOME STATEMENT For the sixth months ended in June 30, 200X In EUR thousand
3.5.5 a. Read the text and single out the main items of the balance sheet. In the course of operations a corporation needs numerous reports and statements to provide a permanent record of its financial activities. These statements and reports are prepared by the corporation’s own staff, and most are done in a standardized format. The financial position of an accounting entity as of a specified moment in time is shown by a balance sheet. In fact, its formal name is statement of financial position. More specifically, the balance sheet reports the assets and equities and liabilities (liabilities and owner’s equity) of the entity at the specified moment in time. In Illustration 5.2, the assets of the PROFF Company amount to $35,670. Illustration 5.2. PROFF COMPANY Balance Sheet July 31, 200X In dollars
They consist of current assets of cash and accounts receivable (amounts due from customers) and property,plant, and equipment consisting of delivery equipment and office equipment. Current assets consist of cash and other short-lived assets reasonably expected to be converted into cash or to be consumed or used up in the operations of the business within a short period, usually one year. Property, plant, and equipment refer to relatively long-lived assets that are to be used in the production or sale of other assets or services rather than being sold. Liabilities are the debts owed by a firm. Typically, they must be paid at certain known moments in time. The liabilities of the PROFF Company are both relatively short-lived current liabilities. They consist of accounts payable (amounts owed to suppliers) and notes payable (written promises to pay) totaling $3,600. Other firms may have long-term liabilities on their balance sheets. Such long-term liabilities could include mortgages or bonds due in periods beyond one year. The PROFF Company is a corporation. It is customary to refer to the owners’ interest in a corporation as stockholders’ equity. The PROFF Company’s stockholders’ equity consists of $30,000 paid in for shares of capital stock and retained earnings (earnings not paid out to stockholders) of $2,070. The balance sheet heading includes the name of the organization, the title of the statement, and the date of the statement, also note that the claims upon or interests in assets equal the assets. Every transaction affects at least two items and preserves the fundamental equation: Assets = Liabilities + Stockholders’ equity. The dual-aspect concept is evident from the fact that the assets listed on the left-hand side of a balance sheet are equal in total to the liabilities and shareholders’ equity listed on the right-hand side. Because of the dual-aspect concept, the two sides necessarily add up to the same total. This equality does not tell anything about the company’s financial health. The label “balance sheet” can give an impression that there is something significant about the fact that the two sides balance. This is not so; the two sides always balance. An alternative practice is to list assets at the top of the page and to list liabilities and owner’s equity beneath them. The former format is called the account form5, and the latter is called the report form6 of balance sheet. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets