Accounting – 12/15/17

I.  Bellwork   Q&A

  • Explain how each of the  percentage of sales ratios are determined on the income statement. Use words and formulas.

 II.  Objectives:

  • Prepare a balance sheet for a service business organized as a proprietorship in accordance to GAAP.
  • Orally explain the components of a balance sheet

III.  Discussion/Notebook

  • Heading of a Balance Sheet p 199.
  • Assets and Liabilities Section 201
  • Owners Equity Section p. 202
  • Owners Equity in detail p. 203

 IV.  Classwork:   Page 205 7-2 Working Together and On Your Own

 V.  Income Statement Quiz


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