Computer Applications I

Accounting I

Date:

March 25, 2008

Topic:

Financial Statements for a Partnership

Objective:

= Define accounting terms related to financial statements for a merchandising business organized as a partnership

= Identify accounting concepts and practices related to financial statements for a merchandising business organized as a partnership

= Prepare an income statement for a merchandising business organized as a partnership.

= Analyze an income statement using components percentages for a merchandising business organized as a partnership

= Prepare a distribution or net income statement and an owner’s equity statement for a merchandising business organized as a partnership

= Prepare a balance sheet for a merchandising business organized as a partnership

Entry Task

Define the following accounting terms:

Cost of Merchandise sold

Gross Profit on Sales

Instruction: - Discussed in Class

Today we will be covering pages 398-409, in addition to do in the work together problems on pages 404, and 409. Be prepared to take notes.

Assignments - Assignment List

Page 404 Audit questions 1-3, 6-7.

Page 409 Audit questions 1-3, 6-7.