1. Chapter 8 – Financial Statements for a Proprietorship
Accounting I
Chapter 8 – Financial Statements for a Proprietorship

2. TERMS REVIEW
component percentage
Lesson 8-1, page 186

3. TERMS REVIEW Matching Expenses with Revenue (concept)
The revenue earned and the expenses incurred to earn that revenue are reported in the same fiscal period.
Lesson 8-1, page 182

4. TERMS REVIEW Component Percentage
The percentage relationship between one financial statement item and the total that includes that item.
Lesson 7-3, page 166

5. INCOME STATEMENT INFORMATION ON A WORK SHEET
Lesson 8-1
INCOME STATEMENT INFORMATION ON A WORK SHEET
Lesson 8-1, page 182

6. HEADING OF AN INCOME STATEMENT1 2 3
1. Name of Company
2. Name of Report
3. Date of Report
Lesson 8-1, page 182

7. REVENUE, EXPENSES, AND NET INCOME SECTIONS OF AN INCOME STATEMENT1 2 3 4 6 5 7 9 8 11 10 12 14 13
1. Write the name of the first section.
8. Write Total Expenses.
2. Write the title of the revenue account.
9. Record total expenses.
3. Record the balance of the account.
10. Calculate net income.
4. Write the name of the second section.
11. Rule a single line.
5. Write the title of each expense account.
12. Write Net Income.
6. Record the balance of each account.
13. Record net income.
Lesson 8-1, page 183
7. Rule a single line.
14. Rule double lines.

8. COMPONENT PERCENTAGE ANALYSIS OF AN INCOME STATEMENT
Lesson 8-1, page 184

9. INCOME STATEMENT WITH TWO SOURCES OF REVENUE AND A NET LOSS
2. Account Titles 1
3. Revenue Amounts
4. Total of Sales 3 2
5. Total Sales 5 4
6. Net Loss
7. Record Net Loss 6 7
Lesson 8-1, page 185

10. Work Together &
On Your Own –
Page 186

11. BALANCE SHEET INFORMATION ON A WORK SHEET
Lesson 8-1
BALANCE SHEET INFORMATION ON A WORK SHEET
Lesson 8-2, page 187

12. HEADING OF A BALANCE SHEET1 2 3
1. Name of Company
2. Name of Report
3. Date of Report
Lesson 8-2, page 187

13. OWNER’S EQUITY SECTION OF A BALANCE SHEET1 2 3 4 5 6 7 8 9 10
1. Owner’s Equity
6. Total of Assets
2. Account Title
7. Total Liabilities and Owner’s Equity
3. Capital Amount
8. Total of Liabilities and Owner’s Equity
4. Single Line
9. Compare Totals
5. Total Assets
10. Double Lines
Lesson 8-2, page 189

14. OWNER’S EQUITY REPORTED IN DETAIL ON A BALANCE SHEET1 2 3 4 6 7 5 8 9
1. Beginning Capital
6. Difference
2. Beginning Capital Amount
7. Ending Capital
3. Net Income
8. Current Capital Amount
4. Drawing
9. Total Liabilities and Owner’s Equity
5. Single Line
Lesson 8-2, page 190

15. Work Together &
On Your Own –
Page 191