Financial Worksheets
The worksheet aids the accountant in preparing the financial statements required by GAAP. They are the income statement, the statement of owners equity, the balance sheet, and the statement of cash flows. This course will concentrate on all but the cash flow statement. In ACCT 2301, the student will learn how to prepare that financial report. The order of preparation is important because each statement 'flows' into the next statement. For example, the bottom line of the income statement is net income or net loss. This figure is an integral part of the statement of owners equity in that net income increases capital and a net loss decreases capital. This number along with withdrawals and additional owner investments leads to an updated owners capital amount. This bottom line amount is used as the capital number in the balance sheet.
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- John Templeton, HCCS Accounting Instructor
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