Section 1 The income statement

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Presentation transcript:

Section 1 The income statement Chapter 7 Section 1 The income statement

Step #7 in the accounting cycle Our job now is to take the information and place it on financial sheet so that our stockholders can read the information better. Order you must do Financial Sheets Income Statement Balance Sheet

Heading of the Income Statement Name of the Company Name of the financial sheet Time of when the sheet is created

2650 75 600 700 125 1500 1150

PLEASE WORK ON WORK “ON YOUR OWN” ON PAGE 180

Chapter 8 Section 2 The Balance Sheet

The Balance Sheet What types of accounts go on the balance sheet? Asset Liabilities Owners Equity

Capital – Drawing+Net INcome = New Capital Account The Capital account can not be taken straight from the Worksheet. It has to be calculated…… Capital – Drawing+Net INcome = New Capital Account Roadrunner Deliver Service Balance Sheet For Month Ending October 31, 20xx Assets Liabilities Cash 21125 A/P - Beacon 150 A/R - City News 1450 A/P – North Sho 11575 A/R - Green Co Total Liabilities 11725 Computer Equipment 3000 Owner's Equity Office Equipment 200 Ken Cherniak, Capital 26050 Delivery Equipment 12000 Total Assets 37775 Total Liab and O.E. So we must take 25400 - 500 + 1150 =24900

Please do the work together on page 185

Problems 8-1,2,3