Exercise 1-36 Accounting Concepts A list of accounting concepts and related definitions is presented below. Required: Match each of the concepts with its corresponding definition. Concept Definition 1. Revenue 2. Expenses Owner's claim on the resources of a company 3. Net income (loss) The difference between revenues and expenses 4. Dividend Increase in assets from the sale of goods or services 5. Assets 6. Liabilities Economic resources of a company 7. Shareholders' equity Cost of assets consumed in the operation of a business Creditors claims on the resources of a company Distribution of earnings to shareholders Exercise 1-48 Multiple-Step Statement of Earnings The following information is available for Bergin Pastry Shop. Gross margin $34,700 9,200 ? Income from operations Income tax expense (15% of income before taxes) Interest expense Net sales Required: 1,800 85,300 Prepare a multiple-step statement of earnings for Bergin. Bergin Pastry Shop Statement of Earnings For One Year Net sales Cost of goods sold Gross margin Operating expenses Other expenses and losses