Chapter 16. Financial Statements for a Partnership. South-Western Educational Publishing
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1 Chapter 16 Financial Statements for a Partnership
2 Reporting Financial Information Adequate Disclosure Concept Applied when financial statements contain all information necessary to understand a business s financial condition. Consistent Reporting Concept Applied when financial information must be reported the same way from one fiscal period to the next. Four Financial Statements of a Partnership Income Statement Balance Sheet Distribution of Net Income Statement Owner s Equity Statement
3 Income Statement An income statement reports financial statement information over a specific period of time, indicating the financial progress of a business in earning a net income or net loss. Three Sections of the Income Statement 1. Revenue: are earning of a business 2. Cost of Merchandise Sold The total original price of all merchandise sold during a fiscal period. 3. Expenses: are the amounts a business pays to operate the business and earn the revenue. Gross Profit on Sales The revenue remaining after cost of merchandise sold has been deducted.
4 INCOME STATEMENT INFORMATION ON A WORK SHEET Copy to Income Statement Lesson 16-1, page 400
5 FIRST TWO SECTIONS OF AN INCOME STATEMENT FOR A MERCHANDISING BUSINESS Write the income statement heading on three lines. 2. Prepare the revenue section. 3. Prepare the merchandise sold section. Lesson 16-1, page 401
6 COMPLETING AN INCOME STATEMENT FOR A MERCHANDISING BUSINESS Calculate the gross profit on sales. 5. Prepare the expenses section. 6. Calculate the net income. 7. Rule double lines. 8. Calculate the component percentages. 6 7 Lesson 16-1, page 402
7 16-1 Assignments p. 404 Audit Your Understanding p. 404 (p. 365) Work Together p. 404 (p. 366) On Your Own p. 422 (p. 377) Application Problem 16-1
8 Chapter 16-2 Component Percentages
9 Analyzing an Income Statement Showing A Net Income Merchandising business every sales dollar includes four components: Cost of Merchandise Sold Gross Profit on Sales Total Expenses Net Income
10 ANALYZING AN INCOME STATEMENT SHOWING A NET INCOME Acceptable Omni Import Industry Component Standards Percentages Sales 100% 100.0% Cost of merchandise sold not more than 50.0% 48.6% Gross profit on sales not less than 50.0% 51.4% Total expenses not more than 35.0% 34.9% Net income not less than 15.0% 16.5% Lesson 16-2, page 405
11 ANALYZING AN INCOME STATEMENT SHOWING A NET LOSS Lesson 16-2, page 407
12 Actions to Correct Unacceptable Component Percentages Unacceptable Component Percentages for Gross Profit: Increase sales revenue Decrease cost of merchandise sold Increase sales revenue and also decrease cost of merchandise sold Unacceptable Component Percentage for Total Expenses Reduce any expenses for which major increases have occurred.
13 16-2 Assignments p. 409 Audit Your Understanding p. 409 (p. 367) Work Together p. 409 (p. 368) On Your Own p. 422 (p. 379) Application Problem 16-2
14 Chapter 16-3 Distribution of Net Income and Owners Equity Statements
15 Preparing a Distribution of Net Income and Owners Equity Statements Distribution of Net Income Statement A partnership financial statement showing net income or loss distribution to partners.
16 PREPARING A DISTRIBUTION OF NET INCOME STATEMENT Heading 2. First Partner s Name 3. First Partner s Share of Net Income 4. Second Partner s Name 5. Second Partner s Share of Net Income 6. Net Income 7. Total Net Income 8. Double Lines Lesson 16-3, page 410
17 DISTRIBUTION OF NET INCOME STATEMENT WITH UNEQUAL DISTRIBUTION OF EARNINGS Lesson 16-3, page 411
18 Partners Capital and Drawing Accounts Owners Equity Statement A financial statement that summarizes the changes in owners equity during a fiscal period. Three factors can change owners equity: 1. Additional Investments 2. Withdrawals 3. Net Income or Net Loss
19 OWNERS EQUITY STATEMENT Heading 2. First Partner s Name 6 5. Second Partner s Ending Capital First Partner s Ending Capital 4. Second Partner s Name 6. Total Owners Equity 7. Double Lines Lesson 16-3, page 413
20 OWNERS EQUITY STATEMENT WITH AN ADDITIONAL INVESTMENT AND A NET LOSS Lesson 16-3, page 414
21 16-3 Assignments p. 415 Audit Your Understanding p. 415 (p. 371) Work Together p. 415 (p. 372) On Your Own p. 423 (p. 383) Application Problem 16-3 p. 423 (p. 385) Application Problem 16-4
22 Chapter 16-4 Balance Sheet
23 Balance Sheet A Balance Sheet reports a companies financial condition on a specific date. Two source are needed to prepare a Balance Sheet: Balance Sheet columns of a work sheet Owners Equity Statement Supporting Schedule A report prepared to give details about an item on a principal financial statement. Examples of Supporting Schedules: Schedule of Accounts Payable Schedule of Accounts Receivable
24 BALANCE SHEET INFORMATION ON A WORK SHEET Lesson 16-4, page 416
25 FIRST TWO SECTIONS OF A BALANCE SHEET FOR A MERCHANDISING BUSINESS Prepare the heading. 2. Prepare the assets section. 3. Prepare the liabilities section. 3 Lesson 16-4, page 417
26 COMPLETING A BALANCE SHEET FOR A MERCHANDISING BUSINESS 7 4. Prepare the owners equity section. 5. Total the liabilities and owners equity sections. 6. Verify the accuracy by comparing totals. 7. Rule double lines Lesson 16-4, page 418
27 16-4 Assignments p. 420 Audit Your Understanding p. 420 (p. 373) Work Together p. 420 (p. 374) On Your Own p. 423 (p. 387) Application Problem 16-5 p. 423 Mastery Problem 16-6
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