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Work it Sheet
Incoming Statements!
Balance My Sheet
Balance Common Size
Miscellaneous
100
The worksheet is an informal business paper used to organize information for these three financial statements.
What are the trial balance, the income statement and the balance sheet?
100
These are the two different styles of revenue accounts.
What are service revenue and sales revenue?
100
The account form of balance sheet (what we learned first) is presented in this format.
What is the side by side/horizontal format.
100
To make a common size balance sheet, all dollar amounts are turned into these.
What are percentages?
100
This is the colour of my engagement ring.
What is yellow gold?
200
The new accounts that combine the sum of all accounts receivable, or the accounts payable are called this.
What are the control accounts?
200
The income statement is important to this group of people to help them form company goals and policies.
What are owners and managers?
200
The style of balance sheet we are using now that is presented in a vertical format is called this.
What is the report form of balance sheet?
200
The purpose of changing the dollar amounts into common size form is for this.
What is to make information comparable between two different sized companies.
200
This is Jesse's middle name.
What is Lee?
300
Which accounts are used to find either the net income or the net loss of a company's income?
What are the revenue and expense accounts?
300
Income statements are important to this group of people so that they can determine whether or not it would be safe to lend money to the company.
Who are the bankers?
300
A classified balance sheet is when data is _________ according to major categories.
What is grouped?
300
This total is used as the base of the calculation to turn dollar amounts into common size amounts.
What is total assets? (total liabilities AND equity is acceptable as well)
300
The worksheet still needs a heading that should have these parts.
What are Who What When- The company name, the title of the statement (the worksheet) and the date!
400
The final totalled amounts for each statement in the worksheet will be....the same or different?
They will be different. The difference between the debits and credits of the income statement should be the same difference between the debits and credits of the balance sheet.
400
Income statements are important to this group of people to make sure a company is paying enough taxes.
What is the government or income tax authorities?
400
The bank, accounts receivable and supplies are examples of this category.
What are current assets?
400
In the previous chapter, we also turned this type of statement into common size form as well.
What is the income statement?
400
This is where my wedding will take place.
What is manning park?
500
The worksheet and the financial statements are prepared by these people in the accounting office.
What are the senior accountants/personnel?
500
This is another term used for net income.
What is net profit?
500
These two items are either added or subtracted from one another to determine the increase or decrease in equity.
What is the net income/net loss account and the drawings account?
500
Which two amounts in the common size statements equal 100%?
What are the total assets, and the total liabilities and equity?
500
With all of the new information we know about equity, these these 5 amounts must be used to determine the current equity/capital amount in the balance sheet.
What are the previous balance, the net loss/profit, the drawings amounts, the decrease/increase in capital, the new balance?