After studying Chapter 7, you will be able to:
- Define accounting terms related to financial statements for a service business organized as a proprietorship.
- Identify accounting concepts and practices related to preparation of financial statements for a service business organized as a proprietorship.
- Prepare an income statement for a service business organized as a proprietorship and analyze an income statement using component percentages.
- Prepare a balance sheet for a service business organized as a proprietorship.
Chapter 7 Folder
- Share your Chapter 7 folder with your teacher. Your folder should include the following:
- Lesson 7-1
- Lesson 7-2
- Mastery Problem 7-3
- Challenge Problem 7-4
- Net Income Comparison
- Best Buys Financial Statements
Chapter 7 Exam
- Chapter 7 Exam (password required)
Assignment
- Read Chapter 8