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Lesson07 2g

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This document provides instructions for completing different sections of a balance sheet, including the heading, assets and liabilities section, owner's equity section, and reporting owner's equity in detail. The balance sheet sections include the company name, date, account titles and amounts for assets and liabilities, totals for assets and liabilities, capital amounts, income, and drawings. The document also notes key elements like single lines and comparing section totals.

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LESSON 7-2 Balance Sheet Information on a Work Sheet
BALANCE SHEET page 187
HEADING OF A BALANCE SHEET page 187 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.
ASSETS AND LIABILITIES SECTIONS OF A BALANCE SHEET page 188 4 Liabilities 1 Assets Total Liabilities 8 2 Account titles 3 Asset amounts Single line 7 6 Liability amounts 5 Account titles Total of liabilities 9
OWNER’S EQUITY SECTION OF A BALANCE SHEET page 189 7 Total Liab. and Owner’s Eq. 5 Total Assets 1 Owner’s Equity 2 Account title 3 Capital amount 4 Single line 6 Total of assets 8 Total of Liabilities and Owner’s Equity 9 Compare totals 10 Double lines
OWNER’S EQUITY REPORTED IN DETAIL ON A BALANCE SHEET page 190 2 Beginning capital amount 6 Difference 8 Current capital amount 1 Beginning capital 3 Net Income 4 Drawing Ending capital 7 9 Total Liabilities and Owner’s Equity 5 Single line

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Lesson07 2g

  • 1. LESSON 7-2 Balance Sheet Information on a Work Sheet
  • 3. HEADING OF A BALANCE SHEET page 187 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.
  • 4. ASSETS AND LIABILITIES SECTIONS OF A BALANCE SHEET page 188 4 Liabilities 1 Assets Total Liabilities 8 2 Account titles 3 Asset amounts Single line 7 6 Liability amounts 5 Account titles Total of liabilities 9
  • 5. OWNER’S EQUITY SECTION OF A BALANCE SHEET page 189 7 Total Liab. and Owner’s Eq. 5 Total Assets 1 Owner’s Equity 2 Account title 3 Capital amount 4 Single line 6 Total of assets 8 Total of Liabilities and Owner’s Equity 9 Compare totals 10 Double lines
  • 6. OWNER’S EQUITY REPORTED IN DETAIL ON A BALANCE SHEET page 190 2 Beginning capital amount 6 Difference 8 Current capital amount 1 Beginning capital 3 Net Income 4 Drawing Ending capital 7 9 Total Liabilities and Owner’s Equity 5 Single line