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LESSON 7-1

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  1. LESSON 7-1 Preparing an Income Statement Component Percentages

  2. INCOME STATEMENT INFORMATION ON A WORK SHEET page 182 LESSON 7-1

  3. HEADING OF AN INCOME STATEMENT page 182 1 2 3 1. Center the name of the company on the first line. 2. Center the name of the report on the second line. 3. Center the date of the report on the third line. LESSON 7-1

  4. Single line 7 Revenue 1 Revenue amount 3 Account title 2 Expenses 4 Expense amount 6 Account titles 5 Total expenses 8 Total of expenses 9 Single line 11 Net Income 12 Record net income 13 Calculate net income 10 Double lines 14 REVENUE, EXPENSES, AND NET INCOME SECTIONS OF AN INCOME STATEMENT page 183 LESSON 7-1

  5. COMPONENT PERCENTAGE ANALYSIS OF AN INCOME STATEMENT page 184 LESSON 7-1

  6. Total Revenue 5 Revenue 1 Revenue amounts 3 Account titles 2 Total of revenue 4 Net Loss 6 Record Net Loss 7 INCOME STATEMENT WITH TWO SOURCES OF REVENUE AND A NET LOSS page 185 LESSON 7-1

  7. 7 Computing Component Percentage page 185 Total Expenses/ Total Sales $4466.00 / $3610.00= 1.2372 - MOVE the decimal 123.7% Net Loss / Total Sales ($856.00) / $3610.00= (.2372) - MOVE the decimal (23.7%) LESSON 7-1