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Financial Statements

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1.

Preparing Financial Statements

Sole Proprietor
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2.

Financial Statements

  • Income Statement
  • Statement of Owner's Equity
  • Balance Sheet
  • Statement of Cash Flows
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3.

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4.

Income Statement Revenue - Expenses = Net Income (Loss)

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5.

Statement of Owner's Equity
shows how the owner's financial interest changed during the period

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6.

Balance Sheet
Assets = Liabilities + Owner's Equity

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7.

Statement of Cash Flows

  • Inflow (outflow) of cash
  • Sources of cash
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8.

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16.

Income Statement
reports the profitability of the company's operations over a specific time period.
Revenue - Expenses = NI(L)

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17.

Income Statement

  • Heading
  • Revenue for the period
  • Expenses for the period
  • Net Income (Loss) for the period
18.

Statement of Owner's Equity

  • Heading
  • Beginning Capital Balance
  • Adjustments to Capital
  • Ending Capital Balance
19.

Balance Sheet

  • Heading
  • Assets
  • Liabilities
  • Owner's Equity

Stephanie Brown