Income Statement
Reports financial information over a specified period of time, indicating the financial progress of a business in earning a net profit or net loss.
What is an Income Statement?
Component Percentage for Sales
What is 100.0?
The date appears in this format on a balance sheet
What is the date only?
The earning of a business from business activities.
What is revenue?
True/False:
You should always include the owners drawing account on the balance sheet?
What is False?
Information needed to complete an income statement come from these two places on a worksheet.
What is the account title column and the Income statement columns?
Formula for determining component percentage for net income or net loss.
What is net income or net loss divided by sales x 100?
Reports financial information on a specific date indicating the financial progress of a business.
What is a balance sheet?
The amount a business pays to operate the business and earn the revenue.
What are expenses?
On a balance sheet, this is when you should write total assets.
What is after you do your liabilities and owners equity section?
The four section heading on an Income Statement.
What are heading, revenue, expenses, net income or net loss?
The percentage relationship between one financial statement item and the total that includes that item.
What is a component percentage?
Information to prepare a balance sheet comes from where on a worksheet.
What is account title columns and balance sheet columns?
The revenue earned and the expenses incurred to earn that revenue are reported in the same fiscal period.
What is Matching Expenses with Revenue?
If you use the current capital on a balance sheet, this will happen.
What is you will not balance?
The date is written this way on an income statement.
What is "For the Month Ended"?
What are "In Parenthesis"?
The four sections of a balance sheet.
What are heading, assets, liabilities, and owners equity?
The amount of days left until Spring Break?
What is 18?
Formula for calculating new capital with a net loss.
What is original capital - net loss - drawing?
The formula for determining net income/net loss.
What is Revenue - Expenses?
How you determine the acceptable component percentage in your industry.
What is looking at industry publications to see what is the acceptable rate?
When you have multiple liabilities you include this.
What is total liabilities?
The component percentage for net loss when the component percentage for expenses is 108.4.
What is (8.4)?
Formula for calculating new capital with a net income.
What is original capital + net income - drawing?