Chapter 16

Financial Statements for a Partnership

Essential Questions

Where is the information obtained to prepare Financial Statements? How is an income statement for a merchandising business organized as a partnership prepared? How are component percentages calculated for an Income Statement? How are component percentages used to analyze an Income Statement? How is a distribution of net income statement and an owners' equity statement for a merchandising business organized as a partnership prepared? How is a balance sheet for a merchandising business organized as a partnership prepared?

TERMS FOR CHAPTER 16

- cost of merchandise sold - distribution of net income statement - supporting schedule

- gross profit on sales - owners' equity statement

ASSIGNMENTS

Income Statement Read pp. 398-404 1) View Power Point presentation 16-1 2) Complete Application Problem 16-1 p. 422 3) Work on Study Guide 16 March 10 Component Percentages Read pp. 405-409 1) View Power Point presentation 16-2 2) Complete Application Problem 16-2 p. 422 3) Continue to Work on Study Guide 16 March 11 Distribution of Net Income and Owners' Equity Statements Read pp. 410-415 1) View Power Point presentation 16-3 2) Complete Application Problems 16-3 & 16-4 p. 423 3) Continue to Work on Study Guide 16 March 11

Balance Sheet Read pp. 416-421 1) View Power Point presentation 16-4 2) Complete Application Problem 16-5 p. 423 3) Complete Study Guide 16 March 12 Complete Mastery Problem 16-6 p. 424 March 13 Complete Challenge Problem 16-7 p. 425 Due March 14 Additional Chapter exercises Chapter Sixteen Internet Activity Accounting in Your Career p. 399 Due March 14