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Classified Balance Sheet

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					                    Financial Statements Templates

The adjusted trial balance provides the data required to prepare the financial statements.

The student should be prepare and use the following three statements:


The classified income statement
The income statement is a formal report of business operations covering an accounting
period; it is also known as Profit and Loss (P&L) statement.
The single-step income statement lists all revenues in one section followed by all
expenses in one section.
The classified income statement, also known as multi-step income statement breaks the
lists of accounts into a number of classifications. The expenses can be listed under selling
expenses, warehousing expenses, and general and administrative expenses.


The statement of owner’s equity or Statement of retained earnings
This statement reports on the changes that occurred in the owner’s financial interests in
the business during the period.
The statement of owner’s equity reports on the owner’s capital account while the
statement of retained earnings reports on the changes in the retained earnings account.


The classified balance sheet
The balance sheet presents the financial position of a firm on a particular date.
A balance sheet is prepared at the end of an accounting period.
The classified balance sheet divides the assets and liabilities into classes.
Sample CRFA Income statement

                               Name of Business

                             Income Statement
                   For the Year (Month) ended December 31, 2004


SALES
  Food                                              x
  Beverage                                          x

TOTAL SALES                                         X

COST OF SALES
 Food                                               x
 Beverage                                           x

TOTAL COST OF SALES                                 X

GROSS MARGIN                                        X

EXPENSES
  Sales salaries                                    x
  Wages                                             x
  Advertising                                       x
  Rent                                              x
  Depreciation                                      x
  Insurance                                         x
  Telephone                                         x

TOTAL EXPENSES                                      X

INCOME before Income Tax                            X

Income tax                                          x

NET INCOME                                          X
Sample Classified Income statement

                                   Name of Business

                                 Income Statement
                       For the Year (Month) ended December 31, 2004


Operating Revenue
  Sales                                                               x
  Less Sales returns & allowances                                     x

    Net Sales                                                         X

Cost of goods sold                                                    x

    Gross Profit                                                      X

Operating expenses
  Selling expenses
     Sales salaries                          x
     Wages                                   x
     Advertising                             x

      Total Selling expenses                             X
    General and administrative
      Rent                                   x
      Insurance                              x
      Telephone                              x

          Total General and Administrative               X

    Total Operating                                                   X

Net Income from Operations                                            X
Other income
  Misc.                                                  x
Other expense
  Misc.                                                  x

Net other income (expense)                                            X

Net Income                                                            X
Sample Statement of Owner’s Equity or Retained Earnings


                                 Name of Business

                      Statement of Owner’s Equity
                For the Year (Month) ended December 31, 2004


Name of owner, Capital, Jan 1, 2004                            x
Net Income for the Year (from I S)                        x
Less: Withdrawals for the Year                            x

Increase (Decrease) in Capital                                 X

Name Owner, Capital, December 31, 2004                         X




                                 Name of Business

                   Statement of Retained Earnings
                For the Year (Month) ended December 31, 2004


Retained earnings January 1, 2004                              x
Add: Net Income for the Year (from I S)                        x
Less: Withdrawals for the Year                                 x

Retained earnings December 31, 2004                            X
Sample Classified Balance Sheet


                                  Name of Business

                                  Balance Sheet
                                 December 31, 2004

               ASSETS
Current Assets
  Cash                                               x
  Accounts receivable                     x
  Less: Allowance for Doubtful Accounts   x

                                                     X
   Prepaid expenses                                  x

   Total Current Assets                                  X

Capital Assets (or Fixed Assets)
  Equipment                                          x
  Less: Accumulated Amortization                     x
  Total Capital Assets                                   X

Total Assets                                             X

      LIABILITIES and EQUITY
Current Liabilities
  Accounts Payable                                   x
  Wages Payable                                      x
  Notes Payable                                      x

   Total Current Liabilities                             X

Long Term Liabilities
  Loan Payable                                       x
  Mortgage                                           x

   Total Long Term Liabilities                           X

Total Liabilities

Owner’s Equity
  Name of Owner, Capital                                 X

Total Liabilities and Owner’s Equity

				
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Crisologa Lapuz Crisologa Lapuz
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