evaluate its performance and its potential separately from other entities and from its owners. 6. Name of Statement Alternative Title (a) Income Statement (a) Statement of Earnings; Statement of Income; Statement of Operations (b) Balance Sheet
Words: 5852 - Pages: 24
indicate the profit and loss resulting from sales and expanses. Balance Sheet, it is an accounting statement at specific period of time. It differentiates between loans and the fund put in business. Cash Flow is the flow of money through the business and it show all cash received as revenue and cash expended. 2. Should balance sheets and operating statements be offered monthly or yearly? Give the pros and cons of doing each. The balance sheet is an accounting statement which is a snapshot of the financial
Words: 683 - Pages: 3
average ticket sale. Teams may be able to take this information and use it to put together a strategy for increasing the average amount per customer transaction. Home Depot’s balance sheet shows that the company has decreased its total current liabilities and total long-term liabilities. However, the balance sheet does show a decrease in total assets, with a significant decrease in construction in progress. The net worth of a company is important to the company and its investors. The
Words: 1027 - Pages: 5
Analysis of transactions and preparation of comparative income statements and balance sheets Refer to the information for Zea1ock Bookstore in Problem 36. The following transactions relate to 2009. (1) March 15, 2009: Pays income taxes for 2008. (2) June 30, 2009: Repays the bank loan with interest. (3) July 1, 2009: Obtains a new bank loan for $75,000. The loan is repayable on June 30, 2010, with interest due at maturity of 8%. (4) July 1, 2009: Receives the security deposit back from the book
Words: 778 - Pages: 4
worksheet and format it to answer your questions. Note. Show all work and calculations. (The use of Microsoft® Excel® software is required.) 21.1 Contemporary Wood Furniture Case Study 21-1, p. 768 Charles Royston was checking the year-end balances for his wood furniture manufacturing and retail business and was concerned about the numbers. From what he remembered, his debts and accounts receivable were higher than the previous year. Rather than get worked up over nothing, he decided
Words: 651 - Pages: 3
company’s assets and its liabilities. This equation is the amount referred to in order to make the balance sheet accurately balance. On the balance sheet for Huffman Trucking (below), the net income is slightly off in numbers. In order for Huffman to balance these numbers out, they will need to secure EFN. To calculate this equation the liabilities are subtracted from the assets. Balance Sheet | December 2011 2010 | Assets | Current Assets | Cash
Words: 724 - Pages: 3
statements. 2. Prepare a personal balance sheet. 3. Draft a personal income and expense statement. 4. Develop a good record-keeping system and calculate ratios to interpret personal financial statements. 5. Construct a cash budget and use it to monitor and control spending. 6. Apply time value of money concepts to put a monetary value on financial goals. 3 FIN4901EF.Unit 2 Table of Content • The role of financial statements in financial planning • Personal balance sheet: assets, liabilities and net
Words: 2564 - Pages: 11
that an auditor can satisfy himself as to the authenticity and completeness of transactions in the books of accounts. In case he is negligent he will be held guilty. Vouching also includes checking of additions ledger postings, extracting of balances in the ledgers etc. The extent to which the auditor should check will depend upon the size of business, the accounts of which he is auditing. Voucher As a voucher is any documentary evidence in support of a transaction it may be in the form of
Words: 6388 - Pages: 26
is the going concern assumptions. Principles are then put into play with revenue recognition, matching, full disclosure and cost principles. The format for IFRS and GAAP may differ from a statement of financial under IFRS or position and a balance sheet under GAAP because of the requirement caps. IFRS do not require a specific classification of accounts on the statement of financial position. It's a lower recommendation that companies report assets in reverse order of liquidity. The prime focus
Words: 863 - Pages: 4
Chapter 3 BASIC ACCOUNTING CONCEPTS: THE INCOME STATEMENT Changes from Tenth Edition The chapter has been updated. Additional topics include proforma earnings, EBITDA and SEC financial report certification and affirmation requirements for CEO’s and CFO’s. Approach Undoubtedly, the accrual idea is the most difficult of all basic accounting matters for the student to grasp. As a matter of fact, we sometimes say that the proper recognition of revenue and expense is the only important
Words: 6849 - Pages: 28
