For lovers of business, cakes, and owls.

Professor Biz Ness didn't look like a normal professor. In fact, even he knew it. His appearance was so startling that all his would-be students ran away, and his only companion was Hoot, his mute owl.

And everyday, he would wait in his classroom, alone, and would never come out.

I must show my skills and knowledge to the town. Only, then, will I be accepted!

Hoot agreed.

However, one day, he realized that he couldn't stay there forever. And so he made a decision.
And so, with a deep breath, he headed towards the Baker's.














Where the Professor found him...crying.


















What's wrong, Baker?
I have no way to know how much money I have made from now on, since my stone slab of carvings is full!!!
The baker responded, after coming over the shock of seeing Professor Biz Ness.












Why, you don't need a stone slab, you can make an income statement!
What's that?
The Professor, replied, taking out his magical chalkboard.

It's quite simple, really. Allow me to explain.


An Income Statement is a report of the net income or net loss for an accounting period.
It contains 5 main sections:
- Revenue (total sales you make from your cakes)
- Cost of merchandise (like your pans and ingredients)
- Gross Profit on sales (money before taxes, and other expenses)
- Operating Expenses
- Net income (The money you have left after you subtract Operating expenses from the Gross Profit)











And using, this, you can easily find out how much money you made!

Is it really that easy?
















I have another question: I need to show a report of this information to The owners of this building. How do I do that?
Yup.
Professor Biz Ness took out his magical chalkboard once again.
You can use a balance sheet!

A balance sheet is another very important part of a financial statement.
In simple terms, it is a report to show the balances of all your assets, liability, and owner's equity accounts.
It is just like a snapshot of the company’s overall financial health!
With a yearly balance sheet, you can compare how well you are doing in your business every year!











Oh, I didn't know that! I just have one last question.


Professor Biz Ness replied, gladdened that he finally had made himself useful.
Sure, Baker.











Is there any way for me to report how and where the money I made went?


And again, Professor Biz Ness whisked out his handy chalkboard.
Yes! There is!
It's called a statement of cash flows!

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For lovers of business, cakes, and owls.

Professor Biz Ness didn't look like a normal professor. In fact, even he knew it. His appearance was so startling that all his would-be students ran away, and his only companion was Hoot, his mute owl.

And everyday, he would wait in his classroom, alone, and would never come out.

I must show my skills and knowledge to the town. Only, then, will I be accepted!

Hoot agreed.

However, one day, he realized that he couldn't stay there forever. And so he made a decision.
And so, with a deep breath, he headed towards the Baker's.


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