Lecture_12_Cycle_II_Blackboard

Lecture_12_Cycle_II_Blackboard - Accounting Cycle-continued...

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Accounting Cycle-continued Correcting entries Closing the books Generation of financial statements Post-closing trial balance
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Correcting Entries Ex. Unpaid wages of $2,000 were incorrectly recorded as having been paid. Original entry: Wage expense 2,000 Cash 2,000 Should be: Wages expense 2,000 Wages payable 2,000
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Correcting entry: Cash 2,000 W/P 2,000
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Single Step Income Statement Total Revenue (Sales + non-operating revenues) $ XX - Total Expenses (operating, non-operating, taxes) XX Net income (loss) $ XX
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Multiple Step Income Statement Sales $ XX - Sales returns + allowances XX Net sales XX - Cost of goods sold XX Gross margin XX - Operating expenses: Selling XX General + Administrative XX XX Net operating income XX + Other income (int, div, rent, gains) XX - Other expense (int, losses) XX XX Income before taxes XX -Income taxes XX Net income XX
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Balance Sheet - Report Form Current assets (detailed) $ XX - Current liabilities (detailed) XX Net working capital $ XX + Fixed assets XX - Long-term liabilities XX Owners equity $ XX
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Handout 3 Balance Sheet - Account Form Assets: Current Assets: Cash XX M/S XX A/R XX - Allow for B/D XX XX Inventory XX Prepaid expenses XX XX
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Fixed Assets: Investment XX Property, Plant + Equip: Land XX Bldgs. XX - Acc. Dep. XX XX Equip. XX - Acc. dep. XX XX XX Intangible Assets XX Total Assets XX
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Liabilities + OE Current Liabilities: A/P XX N/P XX Other payables XX Current portion of LT debt XX XX
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Lecture_12_Cycle_II_Blackboard - Accounting Cycle-continued...

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