February 2007
Intermediate to advanced
288 pages
6h 32m
English
book
Crash Course in Accounting and Financial Statement Analysis, Second Edition
by Matan Feldman, Arkady Libman
Content preview from Crash Course in Accounting and Financial Statement Analysis, Second Edition
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Impact of COGS on the Balance Sheet
You recorded $20 worth of paper cups and lemons under inventories. These inventories were fully used up during the year (recall that the company also recorded $20 in COGS during the year), so inventories decreased by $20 to $0. Retained earnings were therefore reduced by $20.
| Debits | Credits | |
|---|---|---|
| COGS (SE): | $20 | |
| Inventories (A): | $20 |
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