Financial Statements

In class we reviewed how to produce an income statement for a merchandising corporation.  The income statement is the most difficult of the 3 main financial statements we have covered.  Afterwards, student learned how to create the Statement of Retained Earnings and the Balance Sheet.  After completing an example, students began working on 19-8 which puts everything together-the 10 column worksheet and 3 financials.  We will continue working on the activity on Friday.

Financial Statements - The Income Statement

In class student learned about the four main financial statements for a merchandising corporations: 1) Income Statement, 2) Statement of Retained Earnings, 3) Balance Sheet and 4) Cash Flows Statement.  Afterwards, students produced an income Statement using the 18-7 worksheet.

The notes are attached and the homework is listed below.

Notes - Financial Statements of a Corporation

HW - Read 19.3

The 10 Column Worksheet and Recording Adjustments in the General Journal and General Ledger

In class students completed the 10 column worksheet and recorded the adjustments in the General Journal and General Ledger.

There is no homework.

Quiz - Chpters 15-18 - Special Journals and The 10-Column Worksheet

Students took a quiz in class on Special Journals and the 10 column worksheet.  Afterwards, students began working on Workbook problem 18-8 which will be completed next class.

HW - Read 19.1 and 19.2 - Financial Statements for a Merchandising Corporation

Quiz Review

In class students reviewed for a quiz on Chapters 15-18, special journals and the 10 column worksheet.

HW - study for quiz

10 Column Worksheet Cont.

In class students reviewed how to complete a 10 column worksheet for a merchandising corporation. Afterwards, students completed problem 18-7 in the workbook. 

HW - Finish 18-7
        ***Study for Quiz on Chapters 14 - 18.

10-Column Worksheet

In class student were introduced to the 10-column worksheet which organized accounting data that is eventually used to produce various financial statements (Income Statement, Statement of Retained Earnings, Balance Sheet and Statement of Cash Flows).  Students also learned about adjustments that must be made before producing such accounts and are as follows:

1) Merchandise Inventory
2) Supplies
3) Prepaid Insurance
4) Federal Corporate Income Taxes

The notes are attached and the homework is listed below.

Notes - 10 Column Worksheet

HW - Finish 8-5 which was started in class.

Special Journals (cont.)

In class students completed 17-8 that required students to record transaction in the Purchases Journal and the Cash Payments journal before posting in the ledger.

There is no homework.  Have a nice break!