Income Statement

Jul 20, 2014

80 likes | 381 Views

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.

Share Presentation

Embed Code

Link

operating expenses
net sales
income
sales discounts
sales returns
step income statement

art

Download Presentation

Income Statement

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

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
B. Ko
B. Ko
B. Ko
B. Ko

Income Statement

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.

764 views • 34 slides

Income Statement

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

517 views • 23 slides

Income Statement

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

301 views • 6 slides

INCOME STATEMENT

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

475 views • 19 slides

Income Statement

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.

615 views • 33 slides

Income Statement

Income Statement. Are you making a profit?. Objectives. Understand and utilize an income statement: Understand the purpose of an income statement Be familiar with income statement terminology and structure Be familiar with cost and accrual methods of determining Net Farm Income

569 views • 28 slides

Statement of Income and Comprehensive Income

Statement of Income and Comprehensive Income. Chapter 3. What Does the Term “Income” Mean? . “Income” may refer to only revenues; or “Income” may refer to ancillary sources of revenue such as “interest income”; or

414 views • 8 slides

The Income Statement

The Income Statement. Learning Objectives. Define the concept of income. Explain why an income measure is important. Explain how income is measured, including the revenue recognition and expense-matching concepts. Understand the format of an income statement. Learning Objectives.

1.02k views • 48 slides

Income Statement Analysis - PROFITS

Income Statement Analysis - PROFITS. Alexander Motola, CFA. Quality of Earnings, Ch. 4 “Differential Disclosure”. Differential Disclosure is when a company paints a different picture in its SEC filings compared with other informational releases

342 views • 21 slides

Income Statement

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

206 views • 6 slides

Income Statement Review

Income Statement Review. Income Statement Basics. Income statement explains changes in retained earnings: RE YE ’02 = RE YE ‘01 + NI In ‘02 - Dividends In ’02 Net Income In ‘02 = Revenue In ‘02 - Expense In ‘02. Retained Earnings is a permanent account

302 views • 14 slides

INCOME STATEMENT

INCOME STATEMENT. Accounting ASW Summer 2007. Warning!. Income statement is the hardest concept in accounting Seems intuitive More subtle than it seems Takes a while to really understand it Litmus test: Why would we record: Rent Expense (I/S-Exp) 100 Rent Payable (B/S-Liab) 100.

482 views • 37 slides

Income Statement Classification

Income Statement Classification. Operating income Other income and expense Income from continuing operations Income, gains & losses from discontinued operations Extraordinary gains and losses Changes in accounting principles. Statement of Cash Flows. FASB 95--1987 Components

334 views • 14 slides

Income Statement

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

641 views • 22 slides

INCOME STATEMENT

INCOME STATEMENT. LIPANA.OCAMPO.UY. Income Statement. Reports on the performance of the firm and explains some, but not all, of the changes in the assets, liabilities, and equity of the firm between two balance sheet dates REVENUE – inflows from activities or ongoing central operations

461 views • 21 slides

Consolidated Income Statement

Consolidated Income Statement. CIS is the combination of the operation of the individual subsidiaries and parent company Items of income and expenses disclosed in the CIS are the those transactions between the group and third parties (entities outside the group

1.1k views • 82 slides

The Income Statement, and Comprehensive Income.

The Income Statement, and Comprehensive Income. Chapter 4. LEARNING OBJECTIVES 1. Discuss the importance of income from continuing operations and describe its components. 2. Describe earnings quality and how it is impacted by management practices to manipulate earnings.

1.54k views • 27 slides

Statement of Income and Comprehensive Income

Statement of Income and Comprehensive Income. Chapter 3. What Does the Term “Income” Mean?. “Income” may refer to only revenues; or “Income” may refer to ancillary sources of revenue such as “interest income”; or

301 views • 8 slides

The Income Statement

The Income Statement. The Purpose. An income statement reports a business’s income and expenses for a fiscal period It is sometimes called the profit loss statements, the statement of income and expenses, or the statement of earnings. Income.

109 views • 6 slides

The Income Statement

542 views • 48 slides

Consolidated Income Statement

Consolidated Income Statement. 01-03/2003 01-03/2002 Change, %. Me. Net Sales 11,9 12,7 -6,3 % Operating profit 0,3 0,7 -57,1 % Percentage of net sales 2,5 5,5 Profit before extraordinary items 0,3 0,8 -62,5 % Percentage of net sales 2,5 6,5

101 views • 4 slides

Projected Income Statement

Projected Income Statement. Jeff’s Really Cool Stuff. Assumptions. Percentage of Gross Income before Tax to Revenue = 15% My tax rate = 25% Cost of Goods Sold = 40% Inventory Turnover - 37. Assumptions. I want to have Net Income AFTER Tax of $60,000. Calculations.

129 views • 11 slides

More Related