FINANCIAL STATEMENTS FOR A PROPRIETORSHIP ... Assign Application Problems 7-1, 7-2 p 194 Mastery Problem 7-3 p 195 Assign Challenge Problem 8-4 p 196...
Due: Name: Hour: ACCOUNTING I Chapter 7: Financial Statements for a Proprietorship Reading Guide Answer the following questions as you read Chapter 7, pages
Financial Statements. In Chapter 7, you learn about Peachtree's financial statements. Once journal entries have been recorded and posted, financial statements .... 223. 8. Summary and Review, pp. 223-224 a. Going to the net, p. 224 b. True/make true
merchandising corporation. Analyze the financial data contained on the statements. Define the accounting terms introduced in this chapter. 1. 2. 3. 4. 5. 6. ..... operating expenses selling expenses administrative expenses operating income vertical a
Financial Statements For a Proprietorship id45216171 pdfMachine by Broadgun Software - a great PDF writer! ... Application Application Problem 7-1 (p. 194)
Management Accounting | 31 Financial Statements for Manufacturing Businesses Importance of Financial Statements Accounting plays a critical role in decision-making
Branches of Accounting Difference between Financial Accounting, Management Accounting and Cost Accounting Accounting Information System—Information flow chart
Chapter 3 Analysis of Financial Statements ... cash and other current assets to its current liabilities. ... SOLUTIONS TO END-OF-CHAPTER PROBLEMS
3 2 Chapter 2 B. Income statement. ... ANSWERS TO IN-TEXT DISCUSSION QUESTIONS ... Net income is reported as an increase in retained earnings in the statement of
CHAPTER 2 FINANCIAL STATEMENTS AND CASH FLOW ... CHAPTER 2 B - 3 One equation for net income ... Since the company had a net income of $9.5 million, and paid $2.8
CHAPTER 3: PREPARING ... Natural business year—businesses will end their year at their ... necessary to have special accounting for transactions that cross from one
Chapter 8 ADJUSTING AND CLOSING ENTRIES FOR A SERVICE BUSINESS ... Steps in Accounting Cycle p. 217 . ... Assign Mastery Problem 8-4
Accounting I Chapter 6 WORK SHEET FOR A SERVICE BUSINESS ... Application Problem 6-4 p. 173 ... Assign Mastery Problem 6-5
CHAPTER 3 Bob Anderson, ... Analyze the effect of business transactions on ... UCSB 2004 3-19 ACCOUNTING EQUATION-JOURNAL ENTRIES
c. Can result in a deferred income tax asset. d. Is never recorded. e. Is recorded whether or not the difference between taxable income and financial accounting
Cash Flow Statement 6 ... The financial statements ... The IPCC are grateful to all project sponsors and in particular to our subscribers who generously
Download The present value of the minimum lease payments amounts to substantially all ... If the lease transfers ownership of the asset to the lessee, it is a finance lease.
2 IFRS FOR SMES ILLUSTRATIVE FINANCIAL STATEMENTS This publication has been prepared for illustrative purposes only and does not constitute accounting or other
Download 17 Feb 2016 ... The net realizable value of the inventories is the estimated selling price in the ordinary course of business less the estimated costs of completion and selling expenses. 4.17. Treasury shares. Air-France-KLM shares held
Download 15 Feb 2017 ... within the relevant business segments and departments to establish an inventory of customer contract types throughout the Group and to analyze each contract type using the five-step approach outlined within IFRS 15. In pa
The income statement shows all the revenue or income generated for the period less all expenses arriving at the period’s profit or loss. 3.2 Accounting Equation
Download 15 Feb 2017 ... within the relevant business segments and departments to establish an inventory of customer contract types throughout the Group and to analyze each contract type using the five-step approach outlined within IFRS 15. In pa
Download 15 Feb 2017 ... within the relevant business segments and departments to establish an inventory of customer contract types throughout the Group and to analyze each contract type using the five-step approach outlined within IFRS 15. In pa
March 2017
Download 17 Feb 2016 ... The net realizable value of the inventories is the estimated selling price in the ordinary course of business less the estimated costs of completion and selling expenses. 4.17. Treasury shares. Air-France-KLM shares held
Accounting I Chapter 7 FINANCIAL STATEMENTS FOR A PROPRIETORSHIP Review/Preview: Summative Assessment (Ch. 6 Quiz) Accounting Concept: Adequate Disclosure --when financial statements contain all information necessary to understand a business's financial condition. Two Financial Statements are prepared: 1. Income Statement 2. Balance Sheet Assign Students to Read Ch. 7 (p. 178-193) and complete the terms p. 178 (Students may hand-write them on handout or do on word processor) Discuss Section 7-1: Preparing an Income Statement An income statement reports financial information over a specific period of time. It shows progress in the business's net income or net loss. Revenue is the business earnings. Expenses are the operating costs. The revenue earned and the expenses incurred to earn that revenue must be reported in the same fiscal period. (CONCEPT: Matching Expenses with Revenue) Information for preparing income statement obtained from the Worksheet. Account titles from account title column, balances from Income Statement columns. 4 Sections of Income Statement 1. Heading 2. Revenue 3. Expense 4. NI/NL
1. Heading Section (p. 182) a. Company Name b. Name of Report (Income Statement) c. Date of Report (For Month Ended mm/dd/yy) 2. Revenue Section (p. 183) a. Revenue (far left) b. Title of Revenue Account--Sales (indented) c. Balance of Sales Account--same line, second amount column 3. Expense Section (p. 183) a. Expenses (at far left) b. Title of each Expense Account (indented) c. Balance of each Expense Account--same line as title, first amount column d. Single Rule first amount column (addition) e. Total Expenses--label and add, place total in second amount column f. Calculate NI/NL (subtract total expenses from revenue) g. Label NI/NL h. Verify NI/NL same as on worksheet. i. Double Rule if equal Two components of Income Statement: Total Expenses and Net Income • The percentage relationship between one financial statement item and the total that includes that item is called a component percentage. • Component percentages are calculated by dividing the component (total expenses or Net Income) by Net Sales. (p. 184) • Component percentages are compared from one fiscal period to another to determine progress of the business. They are also compared to industry standards to see how a business compares to similar businesses. • Income Statement with two sources of revenue and/or net loss (p. 185) a. Two sources of revenue--list each account and total revenue. b. Net Loss--place amount in parentheses to indicate loss. Label Net Loss. Practice: Complete Work Together/On Your Own p. 186
Discuss Section 7-2: Balance Sheet Information on a Work Sheet A balance sheet reports financial information on a specific date. Information is obtained from the work sheet--account title column and Balance Sheet Columns. 4 Sections of a Balance Sheet 1. Heading 2. Assets 3. Liabilities 4. Owner's Equity 1.
Heading Section (p. 187) a. Company Name b. Name of Report (Balance Sheet) c. Specific Date (mm/dd/yy)
2.
Assets Section (left side) a. Title of Section (Assets) b. Account titles of assets c. Account Balances of assets
3.
Liabilities Section (right side) a. Title of Section b. Account titles of Liabilities c. Account titles of Liabilities d. Single Rule (addition) e. Total Liabilities (title/amount) 4. Owner's Equity Section (right side) a. Title of Section (owner's equity) b. Title of Owner's Equity Account c. Calculate** current capital balance and record amount d. **Capital Account Balance + Net Income -Drawing Account Balance Current Capital
Finishing Balance Sheet a. Determine which column is longer, single rule last item in longest column. Single rule same line on other column. b. Calculate and Record Total Assets c. Calculate and Record Total Liabilities and Owner's Equity d. Compare Totals (A=L+OE ) MUST EQUAL!!! e. Double Rule both columns when balanced Owner's Equity reported in detail on Balance Sheet--shows details about how current balance if figured (p. 190) Practice: Complete Work Together/On Your Own p. 192 ***************** Formative Assessment: Assign Application Problems 7-1, 7-2 p 194 Mastery Problem 7-3 p 195 Assign Challenge Problem 8-4 p 196 Assign Recycling Problem if needed Prepare for Summative Assessment: Complete Study Guide 7 Summative Assessment--Ch. 7 Quiz--Concept & Application Continue with Ch. 8: Recording Adjusting and Closing Entries for a Service Business
