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    Preparing Income Statement and GAAP

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    Generally accepted accounting principles (GAAP) require organizations to prepare both an income statement and a balance sheet. Before the balance sheet can be prepared, the organization's net income must be determined. This requires the accountant to pull together data from numerous system accounts and other sources of information. In this part of the assessment, demonstrate your skill in putting together the necessary account data and preparing an income statement in good form.

    Use the Unit 2, Part 3 Template, linked in the Assessment Resources, to complete Part 3 of the assessment. On the first page of the template is financial data for Southwest Business School. On the second page is a blank income statement. Use the information provided on the first page to prepare the income statement on the second page.

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    For Instructional Purpose

    An organization's income statement shows its revenues, expenses and results of its gain (net income) or ...

    Solution Summary

    This solution clearly highlights the components of an income statement and includes an attached sample income statement.