1 / 27

Chapter 5 Lesson 5.2

Chapter 5 Lesson 5.2. Chart of Accounts, Expanded Trial Balance and the Income Statement. A list of all the accounts a company has. Assets are # 100 - 199. Assets are # 100 - 199. Liabilities are # 200 - 299. Capital and Drawings are # 300 - 399. Assets are # 100 - 199.

kailey
Download Presentation

Chapter 5 Lesson 5.2

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

  1. Chapter 5 Lesson 5.2 Chart of Accounts, Expanded Trial Balance and the Income Statement

  2. A list of all the accounts a company has

  3. Assets are # 100 - 199

  4. Assets are # 100 - 199 Liabilities are # 200 - 299

  5. Capital and Drawings are # 300 - 399 Assets are # 100 - 199 Liabilities are # 200 - 299

  6. Capital and Drawings are # 300 - 399 Assets are # 100 - 199 Revenue is # 400 - 499 Liabilities are # 200 - 299

  7. Capital and Drawings are # 300 - 399 Assets are # 100 - 199 Revenue is # 400 - 499 Liabilities are # 200 - 299 Expenses are # 500 - 599

  8. This Worksheet could also be called a Trial Balance. It is a list of all the accounts in the company, in order of Assets, Liabilities and finally the Equity accounts.

  9. This Worksheet could also be called a Trial Balance. It is a list of all the accounts in the company, in order of Assets, Liabilities and finally the Equity accounts.

  10. This Worksheet could also be called a Trial Balance. It is a list of all the accounts in the company, in order of Assets, Liabilities and finally the Equity accounts.

  11. This Worksheet could also be called a Trial Balance. It is a list of all the accounts in the company, in order of Assets, Liabilities and finally the Equity accounts. Equity Accounts

  12. Accounts needed for the income statement

  13. Add up Revenue. Add up Expenses. Subtract expenses from revenue to find the Net Income.

  14. There is only one source of revenue, it is $3199 Add up Revenue. Add up Expenses. Subtract expenses from revenue to find the Net Income.

  15. There is only one source of revenue, it is $3199 There are five different expenses (250 + 40 +72+400+90 = 627) Add up Revenue. Add up Expenses. Subtract expenses from revenue to find the Net Income.

  16. Add up Revenue. Add up Expenses. Subtract expenses from revenue to find the Net Income. ($3199 – $627 = $2572) A positive number...therefore it is a Net Income!

  17. So Remember… Net Income = Revenue - Expenses

  18. If the answer was negative… Then Net income would be a net loss

  19. Or if Expenses are larger than Revenue! If the answer was negative… Then Net income would be a net loss

More Related