7-1 and 7-2 Audit your understanding

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Formula for calculating the total expenses ratio

Total Expense / Total sales = Total Expenses Ratio

formula for calculating current capital

cap ( - or +) (net loss or net income) - drawing = current capital

Four sections on a balance sheet

heading assets liabilities owner equity

The four sections of an income statement

heading revenue expense net income or net loss

Formula for calculating the net income ratio

net income / total sales = net income ratio


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