Preparing Financial Statements INCOME STATEMENT INFORMATION ON A
- Slides: 18
Preparing Financial Statements
INCOME STATEMENT INFORMATION ON A WORK SHEET page 182 2 LESSON 7 -1
HEADING OF AN INCOME STATEMENT page 182 1 2 3 1. Center the name of the company on the first line. 2. Center the name of the report on the second line. 3. Center the date of the report on the third line. 3 LESSON 7 -1
REVENUE, EXPENSES, AND NET INCOME SECTIONS OF AN INCOME STATEMENT page 183 7 Single line Revenue 1 Expenses 4 Account titles 5 Total expenses 8 2 Account title 3 6 Revenue amount Expense amount 9 Total of expenses 12 Net Income 11 Single line 14 Double lines 13 Record net income 10 Calculate net income 4 LESSON 7 -1
COMPONENT PERCENTAGE ANALYSIS OF AN INCOME STATEMENT page 184 5 LESSON 7 -1
INCOME STATEMENT WITH TWO SOURCES OF REVENUE AND A page 185 NET LOSS 5 Revenue Account titles Total Revenue 1 2 3 Revenue amounts 4 Net Loss 6 7 6 LESSON 7 -1 Record Net Loss Total of revenue
The Balance Sheet
BALANCE SHEET 8 LESSON 7 -2 page 187
HEADING OF A BALANCE SHEET 1 2 3 1. Center the name of the company on the first line. 2. Center the name of the report on the second line. 3. Center the date of the report on the third line. 9 LESSON 7 -2 page 187
ASSETS AND LIABILITIES SECTIONS OF A BALANCE SHEET page 188 Liability amounts Account titles 1 Assets 4 8 Liabilities Total Liabilities Single line Account titles 2 3 10 Asset amounts LESSON 7 -2 5 7 Total of liabilities 9 6
OWNER’S EQUITY SECTION OF A BALANCE SHEET 1 Owner’s Equity 2 Account title Total of assets 5 4 Single line Capital amount 3 6 Total Assets Compare totals 7 Total Liab. and Owner’s Eq. 10 9 Double lines Total of Liabilities and Owner’s Equity 11 page 189 LESSON 7 -2 8
3 OWNER’S EQUITY REPORTED IN DETAIL ON A BALANCE SHEET Net Income 1 Current capital amount Beginning capital Difference Beginning capital amount 7 4 12 Ending capital Drawing page 190 5 9 2 Single line Total Liabilities and Owner’s Equity LESSON 7 -2 6 8
BALANCE SHEET 13 LESSON 7 -2 page 187
HEADING OF A BALANCE SHEET 1 2 3 1. Center the name of the company on the first line. 2. Center the name of the report on the second line. 3. Center the date of the report on the third line. 14 LESSON 7 -2 page 187
ASSETS AND LIABILITIES SECTIONS OF A BALANCE SHEET page 188 Liability amounts Account titles 1 Assets 4 8 Liabilities Total Liabilities Single line Account titles 2 3 15 Asset amounts LESSON 7 -2 5 7 Total of liabilities 9 6
OWNER’S EQUITY SECTION OF A BALANCE SHEET 1 Owner’s Equity 2 Account title Total of assets 5 4 Single line Capital amount 3 6 Total Assets Compare totals 7 Total Liab. and Owner’s Eq. 10 9 Double lines Total of Liabilities and Owner’s Equity 16 page 189 LESSON 7 -2 8
3 OWNER’S EQUITY REPORTED IN DETAIL ON A BALANCE SHEET Net Income 1 Current capital amount Beginning capital Difference Beginning capital amount 7 4 17 Ending capital Drawing page 190 5 9 2 Single line Total Liabilities and Owner’s Equity LESSON 7 -2 6 8
Quick Check : 194 New text 7 -1, 7 -2
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