INCOME STATEMENT 1. Net Sales 2. Net Purchases

Slides:

Advertisements

Similar presentations

1 © Copyright Doug Hillman 1999 Merchandising Business.

Advertisements

Financial Statements for a Corporation JEOPARDY. Income Statement Analyzing Income St Statement of Stockholders’ Equity Balance Sheet Vocabulary GRAB.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 22-1 Preparing a Work Sheet for a Corporation.

Running Case - Dirt Bikes U.S.A. Back to Dirt Bikes U.S.A Back to Dirt Bikes U.S.A Previous.

Projected Income Statement Jeff’s Really Cool Stuff.

Sample Problems Exercises 23.1 and 23.3 Exercise 23.1 and 23.3 both use the following comparative income statement:.

Financial Statements for a Corporation CHAPTER 15 Financial statements provide the primary source of information needed by owners and managers to make.

© 2014 Cengage Learning. All Rights Reserved. Learning Objective © 2014 Cengage Learning. All Rights Reserved. LO1 Analyze an income statement using vertical.

© 2014 Cengage Learning. All Rights Reserved. Learning Objective © 2014 Cengage Learning. All Rights Reserved. LO1 Prepare an income statement for a merchandising.

Financial Statements for a Corporation

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 15-1 Preparing an Income Statement.

LESSON 15-1 Preparing an Income Statement Mr. Hunter

Factors that Makeup an Income Statement Analyzing Revenues, Costs, & Expenses.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 13-2 Financial Statements and Analysis.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 13-2 Financial Statements and Analysis.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 15-1 Cost Characteristics That Influence Decisions.

Preparing an Income Statement.  Financial statements provide the primary source of information needed by owners and managers to make decisions on the.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 15-1 Cost Characteristics That Influence Decisions.

ACCOUNTING 2 CHAPTER 2.2. FINANCIAL STATEMENTS The Income Statement The Statement of Retained Earnings The Balance Sheet.

Accounting for Inventory Merchandise Inventory is typically the largest asset of a merchandising business. Available but no excess Cost of Merchandise.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 15-2 Analyzing an Income Statement.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 4-2 Interim Departmental Statement of Gross Profit Modified by D. Burns West Johnston High School.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 4-4 Responsibility Statements for a Merchandising Business.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 14-2 Budgeted Income Statement.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 14-1 Budget Planning.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-2 Interim Departmental Statement of Gross Profit.

10.1 The Merchandising Business. Inventory Some businesses sell services, others sell merchandise (tangible) Goods to be sold to customers is called merchandise.

LESSON 15-1 Preparing an Income Statement

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 14-2 Budgeted Income Statement.

The section “income from continuing operations” includes all revenues, expenses, gains, and losses that are not required to be reported in other sections.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 15-1 Preparing an Income Statement.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 15-1 Preparing an Income Statement  Uses of financial statements  Income statement.

CHAPTER 15 FINANCIAL STATEMENTS FOR A CORPORATION

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 15-2 Analyzing an Income Statement  Component percentages  Income statement showing.

Chapter – 17 Introduction to Business (BUS 201) Course Instructor: Sadia Haque.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-2 Interim Departmental Statement of Gross Profit.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 4-2 Interim Departmental Statement of Gross Profit.

© 2014 Cengage Learning. All Rights Reserved. Learning Objective © 2014 Cengage Learning. All Rights Reserved. LO5 Estimate the cost of merchandise inventory.

FINANCIAL STATEMENTS Partnerships prepare 4 financial statements: 1.Income Statement 2.Balance Sheet 3.Distribution of Net Income/Loss Statement 4.Owner’s.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-2 Interim Departmental Statement of Gross Profit.

© 2015 Cengage Learning. All Rights Reserved. Learning Objectives © 2015 Cengage Learning. All Rights Reserved. LO5Distinguish between direct and indirect.

© 2000 South-Western Educational Publishing INCOME STATEMENT INFORMATION ON A WORK SHEET Lesson 8-1, page 182.

Preparing an Income Statement

© 2014 Cengage Learning. All Rights Reserved.

Chapter 15 page 454 Objectives:

LESSON 15-1 Preparing an Income Statement

Hosted by Ms. Appel.

© 2015 Cengage Learning. All Rights Reserved.

LESSON 15-1 Preparing an Income Statement

INCOME STATEMENT INFORMATION ON A WORK SHEET

© 2014 Cengage Learning. All Rights Reserved.

LESSON 6-3 Estimating the Inventory

INCOME STATEMENT INFORMATION ON A WORK SHEET

ESTIMATING ENDING MERCHANDISE INVENTORY

LESSON 4-2 Interim Departmental Statement of Gross Profit

CALCULATING COMPONENT PERCENTAGES

Lesson 13-2 Financial Statements and Analysis

LESSON 15-1 Preparing an Income Statement

LESSON 15-1 Preparing an Income Statement

LESSON 15-1 Preparing an Income Statement

LESSON 7-1 Preparing an Income Statement

GROSS PROFIT METHOD OF ESTIMATING INVENTORY

LESSON 15-1 Preparing an Income Statement

Lesson 17-1 Trend Analysis and Component Percentages

LESSON 15-1 Preparing an Income Statement

LESSON 15-1 Preparing an Income Statement

Lesson 15-1 Cost Characteristics That Influence Decisions

© 2014 Cengage Learning. All Rights Reserved.

LESSON 16-1 Preparing an Income Statement

INCOME STATEMENT INFORMATION ON A WORK SHEET

Presentation transcript:

INCOME STATEMENT 1. Net Sales 2. Net Purchases 3. Income from Operations 1 4. Net Income before and after Federal Income Tax 2 3 4 Lesson 26-1, page 662 4

ANALYZING AN INCOME STATEMENT Acceptable Actual Income Statement Items Component Component Percentages Percentages Net sales 100.0% 100.00% Cost of merchandise sold not more than 58.0% 54.2% Gross profit on operations not more than 42.0% 45.8% Total operating expenses not more than 35.0% 32.9% Income from operations not less than 7.0% 12.9% Net deduction not more than 0.1% 0.1% Net income before federal income tax not less than 6.9% 12.8% Lesson 26-1, page 664

TERMS REVIEW net sales net purchases Lesson 26-1, page 665