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Lesson07 1g

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The document provides instructions for preparing an income statement, including formatting the heading with the company name, report name, and date. It describes entering revenue and expense accounts with titles and amounts, and calculating net income by subtracting total expenses from total revenue. The document also discusses component percentage analysis and an example income statement with two revenue sources and a net loss.

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LESSON 7-1 Preparing an Income Statement
INCOME STATEMENT INFORMATION ON A WORK SHEET page 182
HEADING OF AN INCOME STATEMENT 1 2 3 page 182 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.
REVENUE, EXPENSES, AND NET INCOME SECTIONS OF AN INCOME STATEMENT page 183 1 Revenue 3 Revenue amount 4 Expenses 5 Account titles 6 Expense amount 8 Total expenses 9 Total of expenses 12 Net Income 7 Single line 11 Single line 10 Calculate net income 14 Double lines 13 Record net income 2 Account title
COMPONENT PERCENTAGE ANALYSIS OF AN INCOME STATEMENT page 184
INCOME STATEMENT WITH TWO SOURCES OF REVENUE AND A NET LOSS page 185 1 Revenue 3 Revenue amounts 2 Account titles 6 Net Loss 7 Record Net Loss 5 Total Revenue 4 Total of revenue
TERMS REVIEW stakeholders component percentage page 186

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Lesson07 1g

  • 1. LESSON 7-1 Preparing an Income Statement
  • 2. INCOME STATEMENT INFORMATION ON A WORK SHEET page 182
  • 3. HEADING OF AN INCOME STATEMENT 1 2 3 page 182 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.
  • 4. REVENUE, EXPENSES, AND NET INCOME SECTIONS OF AN INCOME STATEMENT page 183 1 Revenue 3 Revenue amount 4 Expenses 5 Account titles 6 Expense amount 8 Total expenses 9 Total of expenses 12 Net Income 7 Single line 11 Single line 10 Calculate net income 14 Double lines 13 Record net income 2 Account title
  • 5. COMPONENT PERCENTAGE ANALYSIS OF AN INCOME STATEMENT page 184
  • 6. INCOME STATEMENT WITH TWO SOURCES OF REVENUE AND A NET LOSS page 185 1 Revenue 3 Revenue amounts 2 Account titles 6 Net Loss 7 Record Net Loss 5 Total Revenue 4 Total of revenue
  • 7. TERMS REVIEW stakeholders component percentage page 186