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Income Statementfor the Month Ended October 31, 2005
If expenses are greater than revenue, the difference (revenue subtracted from expenses) is identified as a net loss. Note that the first money column is used to list more than one item; the second money column is for totals (or a single item) and the results or the business operations for the fiscal period – net income or net loss. Double lines are ruled through both money columns to show a completed statement. Capital Statement The next financial statement to be prepared is a capital statement. This shows how owner’s equity has changed during a fiscal period. It starts with the beginning capital account balance. Any changes that occur are then listed. Possible changes in owner’s equity are:
De Van Loc’s capital statement is a simple one; only two items are involved. De Van Loc Company Capital Statement for the Month Ended October 31, 2005
Following are illustrations of capital statements with more changes (headings are omitted here):
Another tool for understanding a company's activity is to look at its cash flow. This measures the actual flow of funds - real money – flowing into and out of a company during a given period of time. A company's cash flow factors out all of the accounting tricks and looks at what a company really earned, because it excludes accounting tools such as depreciation. Task: Prepare a balance sheet for Maria’s Beauty Salon, use the following data: Assets: Cash $ 1,750 Furniture and Fixures 8,900 Beauty Supplies 600 Liabilities: Regal Laundry 275 Mavelle Corp. 2,500
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