Explain how ABC Kitchens would use an income statement


Activity four consists of one part, a word document. As you complete activity four, I recommend that you consider the guidelines below. In activity four, you should use the terms provided in the body of the email (and in your course room) to formulate a paper providing the ABC Company’s board of directors with information they need to allay their concerns. In developing your paper, keep these guidelines in mind:


1. Please arrange your paper as follows. Provide appropriate headings:

a. Introduction – Worth ½ point

i. Introduce the main points the paper will address and why they are important

b. Assets – Worth 1.5 points

i. Define assets

ii. Define the following:

· Cash

· Accounts receivable

· Inventory

· Plant and equipment

iii. Explain the relevance to ABC Kitchens

c. Liabilities – Worth 1.5 points

i. Define liabilities

ii. Define the following:

· Accounts payable

· Accrued liabilities

· Long-term debt

iii. Explain the relevance to ABC Kitchens

d. Owner’s Equity – Worth 1.5 points

i. Define owners’ equity

ii. Define the following:

· Paid-in capital

· Retained earnings

iii. Explain the relevance to ABC Kitchens

e. Balance Sheet – Worth 1.5 points

i. Define current assets

ii. Define current liabilities

iii. Explain how ABC Kitchens would use a balance sheet

f. Income Statement – Worth 1.5 points

i. Define revenues

ii. Define expenses

iii. Explain how ABC Kitchens would use an income statement

g. Current Ratio – Worth 1.5 points

i. Define it

ii. Explain how ABC Kitchens would use the current ratio

h. Conclusion– Worth ½ point

i. Briefly summarize the main points you made above

i. References– Worth 1 point

2. Go from the general to the specific

a. First define terms and concepts, properly cited, from the course textbook. Then apply these terms and concepts to ABC Kitchens

3. Cite your work.

a. You should paraphrase the definitions in your own words, but you still must cite it (It is not just quotations that you cite)

b. This is how you should cite the course textbook

i. In-text

(Pearson, 2011, p. 1099).

ii. Reference list

Pearson. (2011). SKS 5000-Business strategies for organizational effectiveness within the global perspective (VitalSource eBook for Northcentral University). Pearson Learning Solutions.

4. Resources. You only need to use the course textbook. Unlike other assignments, you do not need to provide outside sources for Activity 4

5. Length: 5-7 double spaced pages, not including title and reference page

1. Assets
2. Liabilities
3. Owner’s Equity
4. Balance Sheet
5. Income Statement
6. Current Ratio

Text book:Sullivan, D. (2011). Business strategies for organizational effectiveness within the global perspective. Pearson Learning Solutions.

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