CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 15-1 Preparing an Income Statement  Uses of financial statements  Income statement.

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Presentation transcript:

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 15-1 Preparing an Income Statement  Uses of financial statements  Income statement information on a work sheet  Income statement for a merchandising business

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning Competency: Understanding the Accounting Cycle for a Merchandising Business 2 LESSON 15-1 Objectives: 66 Prepare financial statements for a merchandising business 67 Analyze financial statements for a merchandising business

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 3 LESSON 15-1 INCOME STATEMENT INFORMATION ON A WORK SHEET page 448

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 4 LESSON Contra account amounts REVENUE SECTION OF AN INCOME STATEMENT FOR A MERCHANDISING BUSINESS Heading 7.Contra account total 3.Title of revenue account 8.Net Sales 4.Sales amount9.Net sales amount 5.Less contra accounts 2.Revenue section page 449

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 5 LESSON 15-1 COST OF MERCHANDISE SOLD SECTION OF AN INCOME STATEMENT FOR A MERCHANDISING BUSINESS page Cost of Merchandise Sold section 2.Beginning inventory 3.Purchases section 4.Total cost of merchandise available for sale 5.Ending inventory 6.Cost of merchandise sold

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 6 LESSON 15-1 COMPLETING AN INCOME STATEMENT FOR A MERCHANDISING BUSINESS page Component percentage 6.Double lines 5.Net Income after Federal Income Tax 4.Less Federal Income Tax Expense 3.Net Income before Federal Income Tax 2.Expenses section 1.Gross Profit on Sales

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 7 LESSON 15-1 TERMS REVIEW net sales cost of merchandise sold gross profit on sales page 454