Chapter 13: Income Statement. I. Financial statement relationships. II. Income statement categories: 1. operating revenues and expenses 2. other revenues and expenses 3. discontinued operations 4. extraordinary items III. Earnings per shareBy kellsie
Chapter 13: Income Statement. I. Financial statement relationships. II. Income statement categories: 1. operating revenues and expenses 2. other revenues and expenses 3. discontinued operations 4. extraordinary items III. Earnings per shareBy ryder
Chapter 13: Income Statement. A measure of a change in value As compared to equity, which measures the level of value (or wealth) It is NOT net cash flow It is a measure of performance It is a link between two balance sheets. What is Income (Profit)?. Sales Revenue less: Cost of Goods SoldBy teenie
Chapter 17: Cash Flow Statement. Usefulness and Format. Usefulness of the Statement of Cash Flows. Provides information to help assess: Entity’s ability to generate future cash flows. Entity’s ability to pay dividends and obligations.By hao
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Income Statement. Two most common formats: Single-Step Format Multiple-Step Format. classify all revenues. then subtract all expenses. to arrive at net income. Net Sales $1,000,000 Rental Revenue $525,000 Total Revs $1,525,000. Cost of Goods Sold $725,000
INCOME STATEMENT. KEY CONCEPTS NET INCOME IS THE BEST MEASURE OF BUSINESS PERFORMANCE ACCRUAL NET INCOME IS A MORE ACCURATE MEASURE OF PROFITABILITY THAN CASH NET INCOME CASH RECEIPTS AND EXPENDITURES DO NOT ALWAYS REPRESENT INCOME AND EXPENSES
Income Statement. Chapter 4. What is Income Statement? What is the major difference between Income Statement and Balance Sheet?. Income Statement Balance Sheet. Reports the assets, liabilities, and owner’s equity At a specific date. Presents the revenues And expenses and
Income Statement. Multi-Step vs. Single-Step Income Statement. a Sales - Sales returns - Sales Discounts b Net sales - Cost of Sales c Gross profit - Operating expenses d Income from operations + Other revenue/gains - other expenses/losses.
Income Statement . Revenues - Expenses = Net Income Period of Time Accrual Accounting Matching of Revenues to Expenses Now for the rest of the Story Footnotes to Statements . Organization of Income Statement . Operations versus Disposition of profits
Income Statement. Read Where Are We Headed?. Calculating profit. From time to time the owner must calculate whether a profit or loss has been generated . Basically, profit is the net increase in the owner’s equity as a result of the firm’s operations.
Income Statement. Statement of Earnings Profit and Loss Statement Statement of Operations Frequency - Daily, Weekly, Monthly, Quarterly, Annually. Income Statement. Reports on a Period of Time Departmental Income Statements Uniform System of Accounts . Questions Answered.
Income Statement. Record Keeping Curriculum Georgia Department of Education Agricultural Education Written by Jimmy Scott Georgia Ag Ed Curriculum. Uses of an Income Statement. Summarizing revenues and expenses Determining profit or loss Explaining changes in owner equity