Accounting 1/04/08
Objectives:
- Define an accounting term related to financial statements for a service business organized as a proprietorship.
- Identify accounting concepts and practices related to preparation of an income statement for a service business organized as a proprietorship.
- Prepare an income statement for a service business organized as a proprietorship and analyze an income statement using component percentages.
I. Bellwork pg 180
A. Term & 1-3 Q&A (10 minutes)
II. 8-1 Preparing an Income Statement
A. Read and Discuss pgs 176-179
- Income Statement Information
- Heading of an Income Statement
- Revenue, Expenses, & Net Income
- Two Sources of Revenue
III. Classwork-Create Income Statements Using Excel
A. Working Together & On Your Own pg 180
B. 8-1 Application Problem pg 187
Header: 8-1 Income Statements
Footer: Name, Picture, Date, Hour