Accounting 1 – 5/15/08
Objectives:
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Define an accounting term related to financial statements for a service business organized as a proprietorship.
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Identify accounting concepts and practices related to preparation of an income statement for a service business organized as a proprietorship.
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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
II. 8-1 Preparing an Income Statement
A. Read and Discuss pgs 176-179
1. Income Statement Information
2. Heading of an Income Statement
3. Revenue, Expenses, & Net Income
4. Two Sources of Revenue
III. Review – PPT 8-1
IV. Classwork
A. pg 180 #4-#5 WB pgs 157-158
B. pg 187 8-1 wb pg 161