Week 1 Financial Statement Preparation telephone narration 2 Week 1

Week 1 Financial Statement Preparation telephone narration 2 Week 1

Info icon This preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
Click to edit Master subtitle style 12/10/10 Financial Statement Preparation Income Statement and Balance Sheet
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
12/10/10 Financial Statements Let’s prepare the Financial Statements reflecting the transactions we have recorded. 1. Income Statement 2. Statement of Owner’s Equity 3. Balance Sheet 4. Statement of Cash Flows P 1
Image of page 2
12/10/10 Calculating the income statement and balance sheet based on a list of Accounts payable 6,200 Accounts receivable 1,000 Accum. depr. - Equip. 500 Capital 30,000 Cash 3,950 Consulting revenue 6,800 Depr. expense 500 Equipment 26,000 Insurance expense 400 Prepaid insurance 2,000 Rent expense 1,000 Rental revenue 300 Salaries expense 2,400 Salaries payable 1,000 Supplies 9,000 Supplies expense 720 Unearned revenue 3,000 Utilities expense 230 Withdrawals 600
Image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
12/10/10 Step 1: Classify accounts into income statement and balance sheet accounts Accounts payable 6,200 Accounts receivable 1,000 Accum. depr. - Equip. 500 Capital 30,000 Cash 3,950 Consulting revenue 6,800 Depr. expense 500 Equipment 26,000 Insurance expense 400 Prepaid insurance 2,000 Rent expense 1,000 Rental revenue 300
Image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern