Accounting – 12/8/17

I.  Bellwork

• page 189 Critical Thinking 1-2 Q&A

II.  Objectives:

• Prepare and income statement for a service business
• calculate and analyze financial ratios using income statement accounts

III.  Retake only Tuesday –  5th, 6th or after school until 3:30

Requirements for Retake

A.  Copy Worksheet on 164G & Label each of the 9 steps

B.  Write a paragraph explanation on how to determine adjustments for Supplies and Prepaid Insurance, provide examples with the mathematical operations and explain where all the numbers go.  Ex Beginning Balance, Adjustment and Ending Balance

IV.  Discussion/Notebook

• Heading of an Income Statement p 192.
• Revenue Expenses & Net Income p. 194
• Analyzing an Income Statement p. 195
• Two Sources of Revenue p. 197

V.  Classwork

7-1 Working together and On Your Own p. 198

7-1 Application Problem p. 208

MBCC - Accounting 1 F2017