INCOME STATEMENT INFORMATION ON A WORK SHEET

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INCOME STATEMENT INFORMATION ON A WORK SHEET Lesson 16-1 INCOME STATEMENT INFORMATION ON A WORK SHEET Copy to Income Statement Lesson 16-1, page 392

FIRST TWO SECTIONS OF AN INCOME STATEMENT FOR A MERCHANDISING BUSINESS 1 2 3 1. Write the income statement heading on three lines. 2. Prepare the revenue section. 3. Prepare the merchandise sold section. Lesson 16-1, page 393

COMPLETING AN INCOME STATEMENT FOR A MERCHANDISING BUSINESS 4. Calculate the gross profit on sales. 8 5. Prepare the expenses section. 6. Calculate the net income. 4 7. Rule double lines. 8. Calculate the component percentages. 5 6 7 Lesson 16-1, page 394

TERMS REVIEW cost of merchandise sold gross profit on sales Lesson 16-1, page 396