Ch 15 financial statements for a corporation
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Financial statements provide the primary source of information needed by owners and managers to make decisions on the future activity of a business. Adequate Disclosure Concept Pg. 446 Compare financial condition and progress from one fiscal period to the next.

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Ch 15 financial statements for a corporation

  • Financial statements provide the primary source of information needed by owners and managers to make decisions on the future activity of a business.

  • Adequate Disclosure Concept Pg. 446

  • Compare financial condition and progress from one fiscal period to the next.

Ch. 15 Financial Statements for a Corporation


Corporation s statements
Corporation’s Statements

  • Income Statement

  • Balance Sheet

  • Statement of Stockholder’s Equity


For your reading pleasure
For your reading pleasure…

  • Read about Ken Harrison on Page 447!

300 Madison Avenue

24th Floor

New York, NY 10017

United States

Founded in 1849

Phone:

646-471-4000

Fax:

646-471-4444

www.pwc.com


Income statement stats
Income Statement Stats

  • What is reported?

    • Revenue

    • Cost of Merchandise Sold

    • Gross Profit on Sales

    • Expenses

    • Net Income


Go to this site
Go to this site…

  • http://www.accountingunplugged.com/2008/09/05/financial-statements-income-statement/

  • Read up on the Income Statement details and example and answer the questions on the next slides on lined paper. Use complete sentences by rephrasing the ? in your answer.


Questions about income statement
Questions about Income Statement

  • Explain the Matching Principle

  • What is another name for the Income Statement?

  • What timeframe does the I.S. provide financial data for?

  • What are the I.S. Accounting Types? (List them)

  • Write out the format for the I.S.


More questions yipee
More Questions…Yipee!

  • What relationship does Gross Margin show?

  • Our book calls Gross Margin by another name, what is it?

  • How is the Gross Margin % calculated?

  • What does the G.M. % tell you?

  • What is “other revenue?”


Final questions
Final Questions…

  • What happens to the I.S. account balance at the end of the year?

  • Describe one new thing you learned today!


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