Presentation is loading. Please wait.

Presentation is loading. Please wait.

In Accounting, An Itemized Statement Of What One Owns, What One Owes, and What One Is Worth Is Called A:

Published byAron Park Modified over 8 years ago

Similar presentations

Presentation on theme: "In Accounting, An Itemized Statement Of What One Owns, What One Owes, and What One Is Worth Is Called A:"— Presentation transcript:

1

2

3 In Accounting, An Itemized Statement Of What One Owns, What One Owes, and What One Is Worth Is Called A:

4

5 The First Step In Setting Up Records Is To Find Out: 1. What One Owns 2. What One Owes 3. What One Is Worth

6 Balance Sheet Reports What A Business Owns-Assets Owes-Liabilities Worth-Owner’s Equity

7 (Name of Business) Navarro’s Car Wash (Name of Form) Balance Sheet (Date) June 30, 2007 Navarro’s Car Wash Balance Sheet June 30, 2007

8 Navarro’s Car Wash Balance Sheet June 30, 2006

9 Three Sections of a Balance Sheet Assets Liabilities Owner’s Equity

10 Assets-(lst Section) Things You Own Examples: Supplies Cash Equipment

11 Navarro’s Car Wash Balance Sheet June 30, 2006 Assets Cash On Hand Equipment Supplies Total Assets

12 Things A Business Owes -Accounts Payable-Sears, Inc. -Accounts Payable-IBM Company

13 Navarro’s Car Wash Balance Sheet June 30, 2006 Assets Cash Equipment Supplies Total Assets Liabilities Accounts Pay.-IBM Accounts Pay./Sears, Inc. Total Liabilities

14 What A Business Is Worth -Jose L. Navarro, Capital -Jose L. Navarro, Withdrawals

15 The Worth Of A Business -Joe Navarro, Capital -Joe Navarro, Withdrawals

16 Navarro’s Car Wash Balance Sheet June 30, 2006 Assets Cash Equipment Supplies Total Assets Liabilities Dell Computers Accounts Pay./TG Supplies Total Liabilities Owner’s Equity JL Navarro, Capital

17

18 Jon Clark, For Example, Owns The Following: Cash On Hand $ 5,500 Equipment 25,000 Supplies 2,000 Office Equipment 5,000 Office Supplies 1,000 Total Amount Owned $38,500

19 Jon Clark Owes The Following: Owed To TG Supply 1,000 Owed To Max Furniture 400 Total Amount Owed$ 1,400

20

21 The Accounting Equation Assets = Liabilities + Owner’s Equity $38,500 = $1,400 + $37,100

22 Jon Clark Owns$38,500 Jon Clark Owes 1,400 Jon Clark Is Worth $37,100 Here Is The Process:

23 By Subtracting What Jon Clark Owes ($1,400) From What He Owns ($38,500) We Find What He Is Worth.

24 Summary Balance Sheet Reports: What A Business Owns-Assets What A Business Owes-Liabilities What A Business is Worth-Owner’s Equity

25

Download ppt "In Accounting, An Itemized Statement Of What One Owns, What One Owes, and What One Is Worth Is Called A:"

Similar presentations

Learning Objectives © 2014 Cengage Learning. All Rights Reserved. LO3Classify accounts as assets, liabilities, or owner’s equity and demonstrate their.

Learning Objectives © 2014 Cengage Learning. All Rights Reserved. LO3Classify accounts as assets, liabilities, or owner’s equity and demonstrate their.
0 Glencoe Accounting Unit 2 Chapter 4 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved. Unit 2 The Basic Accounting Cycle Chapter 3 Business.

0 Glencoe Accounting Unit 2 Chapter 4 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved. Unit 2 The Basic Accounting Cycle Chapter 3 Business.
What You’ll Learn Prepare a chart of accounts.

What You’ll Learn Prepare a chart of accounts.
The Accounting Equation n Property: anything of value that is owned –cash and supplies to conduct daily business –can be used to acquire other assets (supplies)

The Accounting Equation n Property: anything of value that is owned –cash and supplies to conduct daily business –can be used to acquire other assets (supplies)
Accounting Is an information system that provides reports to stakeholders about the economic activities and conditions of a business.

Accounting Is an information system that provides reports to stakeholders about the economic activities and conditions of a business.
Accounting Vocabulary. Accounting Financial information Planning Goal setting Needs assessment Recording Keep track of where money comes from and where.

Accounting Vocabulary. Accounting Financial information Planning Goal setting Needs assessment Recording Keep track of where money comes from and where.
2–1 1-1 McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.

2–1 1-1 McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.
Chapter 1 – Starting a Proprietorship

Chapter 1 – Starting a Proprietorship
CHAPTER ONE Principles of Accounting McGraw-Hill/Irwin Accounting Fundamentals, 7/e © 2006 The McGraw-Hill Companies, Inc., All Rights Reserved. 1-3.

CHAPTER ONE Principles of Accounting McGraw-Hill/Irwin Accounting Fundamentals, 7/e © 2006 The McGraw-Hill Companies, Inc., All Rights Reserved. 1-3.
ASSETS, LIABILITIES, AND OWNER’S EQUITY MANAGEMENT INFORMATION SYSTEMS II - FINANCIALS.

ASSETS, LIABILITIES, AND OWNER’S EQUITY MANAGEMENT INFORMATION SYSTEMS II - FINANCIALS.
CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 7-1 Preparing an Income Statement.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 7-1 Preparing an Income Statement.
Managing Business Finance

Managing Business Finance
Chapter 1 Balance Sheet Accounts. Big Ideas Define accounting terms related to starting a service business organized as a proprietorship Identify accounting.

Chapter 1 Balance Sheet Accounts. Big Ideas Define accounting terms related to starting a service business organized as a proprietorship Identify accounting.
Balance Sheets Analyzing Assets, Liabilities, & Equity.

Balance Sheets Analyzing Assets, Liabilities, & Equity.
Principles of Accounting Chapter 1 The Balance Sheet.

Principles of Accounting Chapter 1 The Balance Sheet.
Business Administration & Management Mr. Bernstein Financial Statements, pp 409-415 May 22, 2013.

Business Administration & Management Mr. Bernstein Financial Statements, pp May 22, 2013.
 Accounting data tells us the financial position of a person, business or other organization.  Financial position is the difference between “what you.

 Accounting data tells us the financial position of a person, business or other organization.  Financial position is the difference between “what you.
Accounting for a Service Business Unit 1.3 Transactions.

Accounting for a Service Business Unit 1.3 Transactions.
Home. Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Key Terms property financial claim credit creditor Section.

Home. Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Key Terms property financial claim credit creditor Section.
 Important Considerations ◦ Assets ◦ Liabilities ◦ Owner’s equity Accounting Equation ◦ and the Accounting Equation. We’ll discuss more about these over.

 Important Considerations ◦ Assets ◦ Liabilities ◦ Owner’s equity Accounting Equation ◦ and the Accounting Equation. We’ll discuss more about these over.

Similar presentations

Ads by Google