BS: Balance Sheet or Statement of Financial Positi IS: Income Statement CA: Current assets PPE: Property, Plant, and Equipment IA: Intangible Assets CL: Current Liabilities LTL: Long-term Liabilities SE: Shareholders' Equity GP: Gross Profit section of the Income Statement OP: Operating Expenses Account Financial Statement Section BS CA a) b) Example: Cash Sales revenue Salaries payable Salaries expense Retained Earnings Rent expense c) d) e) f) Prepaid rent g) Patent h) Note payable, due in three years Equipment Deferred revenue j) k) Cost of Goods Sold Common shares 1) m) n) Allowance for Doubtful Accounts (AFDA) Accumulated depreciation Accounts receivable o) p) Accounts payable