Dan Corkum

SG&A = sales, general and administrative expense

Gross - Expenses = Income from operations

interest on a loan or on cash in bank is a non-operating expense / income. Reported just below income from operations

With the books on a cash basis, the income statement and cash flow statement are the same

cash sources = operating activities and financing activities

cash uses = operating activities, financial activities, capital investments, taxes

difference between new borrowings and loans repaid = net borrowings

selling stock is the closest thing to printing money a company can do, unless you misrepresent the value of the stock, which = jail

Preferred stockholders do not usually have a right to vote for directors

Claims of any stockholder are junior to claims of bondholders or other creditors

When starting up, book worker salaries to SG&A. They can't go into inventory until production starts

depreciation of production equipment is a COGS expense

depreciation & overhead go into COGS, but only overhead goes into A/P

volume variance, purchase variance, yield variance, labour variance, scrap variance, (product) mix variance

depreciation & overhead have to go into WIP cogs; they can't be expensed until sold!

difference between total variable costs and total sales = contribution. Break-even when contribution = fixed costs

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