Accounting 2 – 5/22/08
Objectives:
- Define accounting terms related to financial statements for a merchandising business.
- Identify accounting concepts and practices related to financial statements for a merchandising business
- Prepare a distribution of net income statement and an owner’s equity statement for a merchandising business organized as a partnership
I. Bellwork – Questions and Answers
A. How is Total Cost of Merchandise Available for Sale determined?
B. How is Cost of Merchandise Sold determined?
C. How is Gross Profit on Sales determined?
II. Classwork
A. Chapter 16 Review Sheet
B. Page 415 #4-7 Wb pages 371-372 (You need the information on WB pgs 365-366)
III. Chapter 16 Test Tomorrow