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Financial Statements for a Partnership

Introduction of financial statements for a partnership set up as a merchandising business. Introduction of the four financial statements for a partnership. Introduction of the income statement for a partnership, the different sections of the income statement, the accounts to be included on the income statement and how to use the totals of the income statement to figure the appropriate component percentages for the business. Introduction of the Distribution of Net Income/Net Loss for each partner. Introduction of the Owner’s Equity Statement for a partnership. Introduction of the balance sheet for a partnership, the different sections of the balance sheet and the accounts to be included on the balance sheet. Discussion on how to use the information from the financial statements and how they are analyzed to help management determine the company’s financial position.
AB
Cost of merchandise soldThe total original price of a ll merchandise sold during a fiscal period.
Gross profit on salesThe revenue remaining after cost of merchandise sold has been deducted.
Distribution of net income statementA partnership financial statement showing net income or loss distribution to partners.
Owners equity statementA financial statement that summarizes the change in owners equity during a fiscal period.
Supporting scheduleA report prepared to give details about an item on a principal financial statement.
Income statementA financial statement showing the revenue and expenses for a fiscal period.
Net incomeThe difference between total revenue and total expenses when total revenue is greater.
Net lossThe difference between total revenue and
Component percentageThe percentage relationship between one financial statement item and the total that includes that item.
Balance sheetA financial statement that reports assets, liabilities, and owners equity on a specific date.


Ray Eaton
VA

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