Lesson 11: Financial Statement: Income Statement

What financial statement will inform internal and external users if the company has made a profit or loss?

What is the importance if a company makes a proft or loss?

Sales, expenses, net income, net loss

CTE Business & Finance Technology



E. Financial Analysis: Access the financial condition and operating results of a company and analyze and interpret financial statements and information to make informed business decisions.

20. Calculate component percentages.

21. Discuss the information that can be obtained from analyzing financial statements.


HS.CTE.2A - 2A. Recall and apply prior knowledge for intended purpose.

POG:
I am a LEARNER: Master fundamental skills in core subject areas
I am a THINKER: Critical thinking, independent thinking

The SAT measures student proficiency in math reading, language, and writing. With strong scores, accounting students set themselves up for successful entry into accounting and finance programs.

Description: lesson will focus on the preparation of a formal income statement, a key financial statement that summarizes a company's revenues, expenses, and net income or loss over a specific period


Purpose: create a formal income statement correctly formatted from the information recorded on the worksheet.

DOK 1: recall of vocabulary

DOK 2: Apply concepts learned during modeling and class examples to complete on own working papers independently

DOK 3: Assess the information after determining if the business has a net profit or loss.

Income statements are crucial for all businesses, regardless of size or ownership structure

Minor errors are inconsequential

Guided notes, income statement provided with accounts and formatting completed. online working paper option

Do Now

Work Together working papers

On Own working papers

Century 21, Accounting,  General Journal, 11th edition, online/paper edition.

Online working papers (Mindtap)

Microsoft Excel software

Online instructional tools