Objective:

 I.   Bellwork – Explore Accounting Pg 421

A.  List 4 types of businesses that would benefit from having an alternative fiscal year.

II.  Chapter 16 Test

Objectives:

• Prepare an income statement for a merchandising business organized as a partnership.
• Prepare a distribution of net income statement and an owner’s equity statement for a merchandising business organized as a partnership

I.  Bellwork

A.  Name the Four Statements that will appear on your test Tuesday.

II.  Classwork

A.  Recycle Prblem C-16 #1-#3

III.  Chapter 16 Test on Tuesday

IV.  Senior Picture @ 10:00 Today

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

 Objective:

• Prepare an income statement for a merchandising business organized as a partnership.
• Prepare a distribution of net income statement and an owner’s equity statement for a merchandising business organized as a partnership
• Prepare a balance sheet for a service business organized as a proprietorship

I.  Bellwork

A.  Complete Survey 

II.  Classwork

A.  16-6 Mastery Problem Pg 424 Wb pages 391-394 (Read Instructions 1-4)

Objectives:

• Define accounting terms related to financial statement for a merchandising business.

• Identify accounting concepts and practices related to financial statement for a merchandising business.

• Prepare a balance sheet for a merchandising business organized as a partnership.

I.  Bellwork pg 420

A.  Term & 1-4 Q & A

II.  16-4 Balance Sheet

A.  Pages 416-419

1. Balance Sheet Information on a Worksheet

2. First two sections of a Balance Sheet

3. Completing a Balance Sheet

4. Supporting Schedules

III.  Review – PPT 16-4

IV.  Classwork

A.  Page 420 5-6 WB pages 373-374

B.  16-5 Application Problem pg 423 Wb pg 387-389

Objective: 

• Prepare a distribution of net income statement and an owner’s equity statement for a merchandising business organized as a partner ship.

I.  Bellwork

A.   How is the Owner’s Equity determined on the Owner’s Equity Statement?  (What is added and subtracted? )

II.  Classwork

A.  Page 423 Application Problem 16-3 Wb pages 383-384

B.  Use Excel to duplicate your work on Application Problem 16-3

III.  Review – 16-3 PPT

 Objectives

• Define accounting terms related to financial statements for a merchandising business organized as a partnership.

• Identify accounting concepts and practices related to financial statements for a merchandising business organized as a partnership.

• Prepare a distribution of net income statement and an owner’s equity statement for a merchandising business organized as a partner ship.

I.  Bellwork

A.  Page 415 Terms and 1-3 Q & A

II.  16-3 Distribution of Net Income and Owners Equity Statements

A.  Pages 410-414

1. Preparing a Distribution on Net Income Statement
2. Distribution of Net Income Statement with Unequal Distribution of Earnings
3. Partners Capital and Drawing Accounts
4. Owners Equity Statement
5. Owners Equity Statement with an Additional Investment and Net Loss

III.  Review – 16-3 PPT

IV.  Classwork

A.  Page 415 WB pages 371-372 (You need 16-1 stuff wb pgs 365-368) I gave it back and it is in the paper bin

Objectives:

I.  Turn in WB pg 377 

II.  Bellwork pg. 409

A.  1-3 Q&A

 III.  16-2 component percentages

A.  Read & Discuss pgs. 405-400

1. Analyzing an income statement

2. Acceptable component percentage       

3. Analyzing component percentage

4. Analyzing an I/S showing a net loss

5. Actions to correct unacceptable percentage

IV.  Review –  PPT 16-2

V.  Classwork pg. 409

A.  4-7 WB pgs. 369-370

B.  Pg. 423 16-3 WB pgs. 379-381

Objectives

I.  Bellwork

A.  Terms & 1-3 Q+A

 II.  16-1 Financial Statements for a Partnership pg. 395

III.  Notebook work

A.  1-3 Q+A pg. 399

IV.  16-1 Income Statement

A.  Read & Discuss pgs. 400-403

1. I/S Information on a Worksheet

2. First two sections of a worksheet

3. Completing an income statement

V.  Review –  PPT 16-1

VI.  Class work pg. 404

A.  4-7 WB pgs. 367-368

B.  16-1 pg. 422 WB pg. 375-377

Objectives

A.  What is the 3 line heading for a worksheet?  List each part 

II.  Chapter 15 Test Today

III.  Turn in Your Notebooks