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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