Chapter 8

Financial Statements for a Proprietorship

ESSENTIAL QUESTIONS

Where is the information obtained to prepare Financial Statements? How is an income statement for a service business organized as a proprietorship prepared? How are component percentages calculated for an Income Statement? How are component percentages used to analyze an Income Statement? How is a balance sheet for a service business organized as a proprietorship prepared? How is the ending Capital balance calculated?

TERMS FOR CHAPTER 8

- component percentage - adequate disclosure

- income statement - balance sheet

ASSIGNMENTS

Preparing an Income Statement Read pp. 174-180 1) View Power Point presentation 8-1 2) Complete Application Problem 8-1 p. 187 3) Work on Study Guide 8 December 10-11 Balance Sheet Information on a Work Sheet Read pp. 181-186 1) View Power Point presentation 8-2 2) Complete Application Problem 8-2 p. 187 3) Complete Study Guide 8 December 12-15

Complete Mastery Problem 8-3 pp. 188 December 16 Complete Recycling Problem 8-1 p. c-8 This will count as your test for this chapter. December 17 Additional Chapter exercises Chapter Eight Internet Activity (Internet hint - search Coca Cola Co (no hyphen), Coca Cola is headquartered in GA, look for the most recent form 10K. You will need to look at the next 40 forms) Accounting in Your Career p. 175 Cases for Critical Thinking p. 189 Due December 19 Challenge Problem 8-4 pp. 188-189 may be completed for extra credit due December 19