LESSON 6-3 Extending Financial Statement Information on a Work Sheet 4/18/2019 LESSON 6-3 Extending Financial Statement Information on a Work Sheet GREEN
SALES/EXP Assets/Liab./O.E. 4964.00 100.00 150.00 4964.00 100.00 LESSON 6-3 4/18/2019 SALES/EXP Assets/Liab./O.E. 4964.00 100.00 150.00 4964.00 100.00 150.00 11000 10000 102500 120000 20000 5000 500000 62500 356500 21300 2800 30000 10000 31000 110000 20000 5000 500000 62500 (a) 71500 (b) 10000 11000 21300 2800 30000 356500 10000 71500 881500 881500 81500 81500 146600 356500 734900 525000 Net Income 209900 209900 356500 356500 734900 734900 LESSON 6-3 GREEN
4964.00 100.00 150.00 4964.00 100.00 150.00 11000 10000 102500 120000 20000 5000 500000 62500 356500 21300 2800 30000 10000 31000 110000 20000 5000 500000 62500 (a) 71500 (b) 10000 11000 21300 2800 30000 356500 10000 71500 881500 881500 81500 81500 146600 356500 734900 525000 Net Income 209900 209900 356500 356500 734900 734900 LESSON 6-3
4964.00 100.00 150.00 4964.00 100.00 150.00 11000 10000 102500 120000 20000 5000 500000 62500 356500 21300 2800 30000 10000 31000 110000 20000 5000 500000 62500 (a) 71500 (b) 10000 11000 21300 2800 30000 356500 10000 71500 881500 881500 81500 81500 146600 356500 734900 525000 Net Income 209900 209900 356500 356500 734900 734900 LESSON 6-3
4964.00 100.00 150.00 4964.00 100.00 150.00 11000 10000 102500 120000 20000 5000 500000 62500 356500 21300 2800 30000 10000 31000 110000 20000 5000 500000 62500 (a) 71500 (b) 10000 11000 21300 2800 30000 356500 10000 71500 881500 881500 81500 81500 146600 356500 734900 525000 Net Income 209900 Add columns 5-8 209900 356500 356500 734900 734900 LESSON 6-3
If Expenses are more than Sales – company loses money So if Kim Park had more SALES (money in) than EXPENSES (money out) – SHE MADE MONEY; PROFIT This means a Net Income If Expenses are more than Sales – company loses money This means a Net Loss LESSON 6-3
Columns 5 and 6 must equal Columns 7 and 8 must equal LESSON 6-3
CALCULATING AND RECORDING A NET LOSS ON A WORK SHEET page 165 1 2 3 4 LESSON 6-3
TERMS REVIEW balance sheet income statement net income net loss page 166 balance sheet income statement net income net loss LESSON 6-3