aE Edutap Income Statement And Balance Sheet Importance: 1. 1 question on EBIT (Earnings Before Income and Taxes) hs: /bigradeb wordpress.com Pogelt httpsfivwwredutap.coin2 Income Statement. a 2. Principles Underlying Measurement of Revenues and Profitability in Income Statement 2.2 Basic Example ofincome Statement. 5 2.3. Basic Elements of Income Statement 5 23 Revenues. 6 232 Expenses... 7 233 Net Income. 5 2.4 Income Statement including Diferent Profts— Gross Prot, Operating Prof, Profit before Tax and Net Income: von son 25 Numercalon income Statemert. 26 Questions onincome Statement. Balance She 3.4. Formatsof Balance sheet... 3.2 Sample Balance sheet. 4 Asets 41 Cashor Cash Equivalents. 42 Accounts Recehable. 4.3 Inventories, 4.4 Prepald Expenses 4S Total Current asset 4.6 Gross Fixed Assets (Property and Equipment) 47 Accumulated Deprecstion 4.8 Net Fined Assets 2 20 Sa Notes Payable 20 5.2 Accounts Payable 20 5.3 Accrued Expenses 5.4 Curent Portion of Long Term Debt. 56 57 5.8 Commonstock . sovne sone 2 hs: /bigrade wordpress.com Powel? httpsfvwu-edutep.co.in59° Retained Earnings. 5.40 Total Labites 5.11 Numercalon Balance Sheet. 5.12 Practice Questions to heck Your Concepts 1. Introduction “The financial vit of any firm i assessed vie three nancial statements ‘All these three statements put together help anyone to know the performance and fancial postion ofthe company at any en time Inthese chapters we willean about the Income statement and Balance Sheet 2 Income Statement 4. The income statement, alo called an earings statement ora profit and loss statement, I ‘an accounting statement thet matches a company’s revenues with ts expenses over a period of time, usually @quarteror a year 2. ‘The components of the income statementimaive a company's recognition of Revenue and the ‘expenses rlatedto earning ths income. Revenue less expenses results in a prof ols Profit = Revenues Expenses. hs: /bigradeb wordpress.com Pagel httpsfivwwredutap.coin