UIUC ACCY 202 - Balance Sheet to Income Statement (2 pages)

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Balance Sheet to Income Statement



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Balance Sheet to Income Statement

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Lecture number:
6
Pages:
2
Type:
Lecture Note
School:
University of Illinois at Urbana, Champaign
Course:
Accy 202 - Accounting and Accountancy II

Unformatted text preview:

ACCY 202 1st Edition Lecture 6 Outline of Last Lecture I II III FOB Shipping Point Freight Prepaid 1 Date of Recording 2 Shipping Costs Journal Entries 1 Balance Sheet and Income Statement Cash Payment 1 Gross method 2 Purchase Discount Outline of Current Lecture I II III IV Debits vs Credits 1 General Rule A Debits B Credits Balance Sheet Income Statement 1 Cash Accounts Receivable 2 Inventory Contra Revenue Accounts 1 Sales Returns Allowances 2 Sales Discounts 3 Credit Card Service Fees Gross Profits 1 Definition 2 Also Known As Current Lecture I Debits vs Credits 1 General Rule A Debits on the asset side of the balance sheet to represent the amount in the account going up These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute B Credits on the liability and equity side of the income statement that represents the account going up II Balance Sheet Income Statement 1 Cash and accounts receivable on the Balance Sheet go to sales on the Income Statement 2 Inventory on the Balance Sheet goes to COMS Cost of Merchandise Sold which is exactly like Cost of Goods Sold III Contra Revenue Accounts 1 Sales Returns Allowances 2 Sales Discounts 3 Credit Card Service Fees IV Gross Profit 1 Definition After everything is paid out on the Income Statement 2 Also Known As Thin Margin Gross Thin Profit What the company has to work with 3 How profitable a company is after considering cost of inventory



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