Income Statement
What is the 1st line of the header on an Income Statement?
Company Name
Total Sales are $10,000. J&J is $2,000. BBT sales are $4,000. H&M sales are $4,000. What is the % of sales for each company?
J&J 20%. BBT 40%. H&M 40%
What is the accounting term for investment?
capital
account number for Cash
110
What form do you need to do your taxes?
form-1040
What is on the 3rd line of the header on an Income Statement?
Date of the report
Expense Ratio is 55.4%. What is the Income Ratio?
44.6%
What is the accounting term when the owner takes money out of the business?
drawing
account number for accounts payable
210
How much is the Presidential Election Campaign Fund?
$3
What is on the 2nd line of the header on an Income Statement?
Income Statement
Total Sales are $5,820. Total Expenses are $2,658. Net Income is $3,162. What is the Income Ratio?
54.3%
What are the 3 financial statements a company must keep?
income statement, balance sheet, statement of owners equity
account number for capital
310
Once you have line item 15 (taxable income), what do you do next?
use the tax table to find the Tax (line 16)
If the Net Income on the income statement is a negative number, what would Net Income then be called?
net loss
Total Expenses are $2,658. Sales are $5,820. What is Net Income?
$3,162
Accounts Payable is listed in which financial statement?
balance sheet
account number for sales
410
What is the ONE deduction that every person automatically gets? (It is a deduction of $13,850 if you are Single)
Standard Deduction