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Income Statement
for 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 the 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):
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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