Accounting – 12/19/19
I. Bellwork Q&A
Explain how each (3) of the percentages of sales ratios on the income statement are calculated. Use words and formulas. (What is in the numerator and denominator?)
II. Objectives:
- Prepare a balance sheet for a service business organized as a proprietorship.
- Interpret information from a worksheet to construct a balance sheet in accordance with GAAP
III. Section 7.2 Balance Sheet
- Heading of a Balance sheet
- Components of a Balance Sheet
- Formatting of a balance Sheet
- Determining the Capital Balance
- Old Capital Balance – Drawing + Net Income or -(Net Loss) = New Capital Balance
IV. Classwork : On Google Sheets
7-2 Working Together and On Your Own
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