Professional Documents
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The adjusted trial balance provides the data required to prepare the financial statements.
The student should be prepare and use the following three statements:
Name of Business
Income Statement
For the Year (Month) ended December 31, 2004
SALES
Food x
Beverage x
TOTAL SALES X
COST OF SALES
Food x
Beverage x
GROSS MARGIN X
EXPENSES
Sales salaries x
Wages x
Advertising x
Rent x
Depreciation x
Insurance x
Telephone x
TOTAL EXPENSES X
Income tax x
NET INCOME X
Sample Classified Income statement
Name of Business
Income Statement
For the Year (Month) ended December 31, 2004
Operating Revenue
Sales x
Less Sales returns & allowances x
Net Sales X
Gross Profit X
Operating expenses
Selling expenses
Sales salaries x
Wages x
Advertising x
Total Operating X
Net Income X
Sample Statement of Owner’s Equity or Retained Earnings
Name of Business
Name of Business
Name of Business
Balance Sheet
December 31, 2004
ASSETS
Current Assets
Cash x
Accounts receivable x
Less: Allowance for Doubtful Accounts x
X
Prepaid expenses x
Total Assets X
Total Liabilities
Owner’s Equity
Name of Owner, Capital X