Accounting 1 – 5/23/08
Objectives:
- Identify accounting concepts and practices related to preparation of an income statement and balance sheet for a 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.
- Prepare a balance sheet for a service business organized as a proprietorship
I. Bellwork
A. Determine the new adjusted capital balance for each Company
|
1. Company A |
2. Company B | 3. Company C |
| Capital is $12,500 | Capital is $26,500 | Capital is $6,500 |
| Drawing is $6,000 | Drawing is $14,000 | Drawing is $7,000 |
| Net Income is $6,500 | Net Income is $12,500 | Net Loss is ($500) |
II. Notebook Work
A. Page 189 Applied Communications
B. Pg 189 Cases for Critical Thinking Question & Answer
III. Chapter 8 Test
IV. Notebook Check Coming Soon