century 21 accounting © thomson/south-western 1 lesson 15-1 chapter 15 financial statements for a...
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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 15-1
CHAPTER 15CHAPTER 15 FINANCIAL STATEMENTS FOR A FINANCIAL STATEMENTS FOR A
CORPORATIONCORPORATION
DEFINE TERMS & IDENTIFY ACCOUNTING CONCEPTS
PREPARE AN INCOME STATEMENT ANALYZE AN INCOME STATEMENT USING
COMPONENT PERCENTAGES AND FINANCIAL RATIOS
PREPARE A STATEMENT OF STOCKHOLDERS’ EQUITY
PREPARE A BALANCE SHEET
CENTURY 21 ACCOUNTING © Thomson/South-Western
LESSON 15-1LESSON 15-1
Preparing an Income Statement
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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 15-1
INCOME STATEMENT INFORMATION INCOME STATEMENT INFORMATION ON A WORK SHEETON A WORK SHEET page 448
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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 15-1
6. Contra account amounts
REVENUE SECTION OF AN INCOME STATEMENT REVENUE SECTION OF AN INCOME STATEMENT FOR A MERCHANDISING BUSINESSFOR A MERCHANDISING BUSINESS
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22
33 44
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66
page 449
7788 99
1. Heading
7. Contra account total
3. Title of revenue account 8. Net Sales
4. Sales amount 9. Net sales amount
5. Less contra accounts
2. Revenue section
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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 15-1
COST OF MERCHANDISE SOLD SECTION OF AN COST OF MERCHANDISE SOLD SECTION OF AN INCOME STATEMENT FOR A MERCHANDISING INCOME STATEMENT FOR A MERCHANDISING BUSINESSBUSINESS
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2233
page 450
446655
1. Cost of Merchandise Sold section
2. Beginning inventory
3. Purchases section
4. Total cost of merchandise available for sale
5. Ending inventory
6. Cost of merchandise sold
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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 15-1
COMPLETING AN INCOME STATEMENT COMPLETING AN INCOME STATEMENT FOR A MERCHANDISING BUSINESSFOR A MERCHANDISING BUSINESS
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22
44
55
page 452
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3366
7. Component percentage
6. Double lines
5. Net Income after Federal Income Tax
4. Less Federal Income Tax Expense
3. Net Income before Federal Income Tax
2. Expenses section
1. Gross Profit on Sales
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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 15-1
TERMS REVIEWTERMS REVIEW
net sales cost of merchandise sold gross profit on sales
page 454