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Section 2 Extending Amounts Across the Work Sheet

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Chapter 8. $. Section 2 Extending Amounts Across the Work Sheet. $. What You’ll Learn How to extend amounts to the Balance Sheet and Income Statement sections. The importance of the matching principle. How to calculate and show the net income or net loss on the work sheet. $. $.

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Presentation Transcript
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Chapter 8

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Section 2 Extending Amounts Across the Work Sheet

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  • What You’ll Learn
  • How to extend amounts to the Balance Sheet and Income Statement sections.
  • The importance of the matching principle.
  • How to calculate and show the net income or net loss on the work sheet.

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Section 2 Extending Amounts Across the Work Sheet (cont'd.)

Chapter 8

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Why It’s Important

Preparing the work sheet helps you understand the relationship of all ledger accounts and where they are reported.

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  • Key Terms
  • matching principle
  • net income
  • net loss

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Section 2 Extending Amounts Across the Work Sheet (cont'd.)

Chapter 8

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The Income Statement Section

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Section 2 Extending Amounts Across the Work Sheet (cont'd.)

Chapter 8

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Totaling the Income Statement and Balance Sheet Sections

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Section 2 Extending Amounts Across the Work Sheet (cont'd.)

Chapter 8

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Showing Net Income on the Work Sheet

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slide8

Section 2 Extending Amounts Across the Work Sheet (cont'd.)

Chapter 8

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Check Your Understanding

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What is the effect of net income on the capital account?

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