Balance Sheet
Income Statement
Formulas
100
Assets
What are cash, inventory, equipment, furniture, fixtures, and property?
100
Income
What is another word for salary?
100
Formula= cell+cell Highlight and auto sum
What is the formula for addition?
200
Liabilities
What includes mortgage, interest payable, and accounts payable?
200
Expenses
What is the money needed to run a business called?
200
Formula= cell-cell
What is the formula for subtraction?
300
Owner's Equity
What is the part of the business that the owner actually owns?
300
Any of the money earned subtracted by the expenses
What is the formula for Net Income or (Loss)
300
Formula=cell*cell
What is the formula to multiply?
400
The total assets subtracted by the total liabilities.
What is the formula for Owner's Equity?
400
Expenses
What includes advertising, bank charges, charitable contributions, rent, office supplies, Telephone, and utilities?
400
Formula=cell/cell
What is the formula to divide?
500
Net Worth
What is another word for Owner's Equity?
500
You add the sales and the Interest Income together
How do you find the total income?
500
Total income minus the total expenses
What is the formula to find the Net Income?
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