Lesson 8: Worksheet: Income Statement Section
Duration of Days: 2
Lesson Objective
Create a worksheet for the income statement section of a service business by accurately listing revenues and expenses, making necessary adjustments, and calculating net income or loss.
What are the key components of a worksheet?
How do you identify all revenue sources on the worksheet/
What types of expenses should be considered when calculating net profit or loss?
income statement, net profit, net loss
CTE Business & Finance Technology
D. Financial Reports: Develop an understanding and working knowledge of financial statements.
19. Describe the information provided in each financial statement and how the statements relate.
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.
HS.CTE.2C - 2C. Apply a solution using evidence and reasoning
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: This lesson will focus on the income statement section of the end-of-period worksheet.
Purpose of this lesson: to give examples and explanations of the importance of correctly completing the income section of the worksheet. The information will be used to create a business's financial statements.
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.
Small business owners use income statements to track their financial performance, make informed decisions, and manage cash flow
Thought process could be that an income statement is only a historical document with no real impact on decision-making.
Sampling, modeling, one one instruction, Google classroom or Moodle. Paper or or online assignments, online instructional tools, videos, textbook or online textbook, excel real world application of information, Spanish version available for ELL students
Guided Notes worksheet
Guiding questions/term assignment
work together/on own assignment application or mastery working papers
Math assignment
Century 21, Accounting, General Journal, 11th edition, online/paper edition
Online working papers (Mindtap)
Microsoft Excel software
Online instructional tools