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What's on the Financial Statements?

Financial statements are prepared at the end of each monthly period to help mangers and owners make good business decisions. An income statement reports financial information over a specific period of time, indicating the financial progress of a business in earning a net income or a net loss. And a balance sheet reports financial information on a specific date, indicating the financial condition of a business and its financial strength.
AB
Component PercentageThe percentage relationship between one financial statement item and the total that includes that item.
Income Statement heading includes:Business name, statement name, and date
Income Statement revenue section includes:Classification 'revenue', acct title sales, sales amount.
Income Statement expense section includes:Classification 'expenses', acct titles for expenses, and amounta.
Net income formula:Total Revenue – Total Expenses
Net loss formula:Total Expenses – Total Revenue
Total Expenses Component PercentageTotal Expenses / Total Sales
Total Net Income Component PercentageNet Income / Total Sales
Balance Sheet heading includes:Business name, statement name, and date.
Balance Sheet assets section includes:Classification 'assets', asset acct titles, and amounts.
Balance Sheet equities section includes:Classification 'liabilities', liability acct titles, amounts, the title owner’s equity, the owner’s equities account titles, and the owner’s equities account amounts.


Mrs. Wetzel
Business Teacher
Spaulding High School
Barre, VT

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