Day 19

After studying Lesson 4-2, you will be able to:

  1. Identify several types of financial records needed by businesses.
  2. Describe the differences between an income statement and a balance sheet.

Assignment 4.2.1

  1. Obtain a copy of the notes handout.
  2. Read Lesson 4-2 on pages 294-298.
  3. As you read, utilize this presentation to help you fill in the missing parts on the handout.

Assignment 4.2.2

  1. Lesson 4-2 Assessment

Assignment 4.2.3

  1. Make a copy of this Google Sheet, rename it Financial Statements-(Your Initials), and move it into your Lesson 4 folder.
  2. Using the information and images below as well as Figures 12-2 and 12-3 in your textbook, prepare a balance sheet and income statement in your Financial Statement spreadsheet for Sibley General Store.
    • Balance Sheet
      • Accounts Payable – $16,387
      • Accounts Receivable – $46,784
      • Buildings – $438,784
      • Cash – $23,758
      • Equipment – $24,387
      • Furniture – $17,382
      • Inventory – $88,392
      • Land – $77,398
      • Long Term Bank Loan Payable – $76,378
      • Mortgage Payable – $134,278
      • Owner’s Equity – $514,506
      • Payroll Taxes Payable – $2,874
      • Prepaid Expenses – $3,286
      • Short Term Bank Loan Payable – $4,387
      • Vehicles – $65,392
      • Wages Payable – $18,372
    • Income Statement
      • Administrative Expense – $46,287
      • Cost of Goods Sold – $278,348
      • Income Taxes – $64,812
      • Interest Earned – $73,289
      • Marketing Expense – $274,392
      • Payroll Expense – $177,382
      • Rent Expense – $32,894
      • Sales – $1,726,374
      • Sales Return and Allowances – $23,894
      • Selling Expense – $33,287
      • Utilities Expense – $21,893
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