Difference between the income statement and balance sheet

Assignment Help Financial Management

Reference no: EM13913638

a. What is the difference between the income statement and balance sheet in regards to timing?

b. What is wrong with this statement: "The clinic's cash balance for 2011 was $150,000 while its net income on December 31, 2011 was $50,000."

Reference no: EM13913638

Questions Cloud

What is effective or equivalent-annual cost of trade credit : The Thompson Corporation projects an increase in sales from $1.5 million to $3 million, but it needs an additional $300,000 of current assets to support this expansion. What is the effective, or equivalent, annual cost of the trade credit?

Journal entries : MAKE THE JOURNAL ENTRIES BIGGER WILL MAKE IN 2014 REGARDING ITS INVESTMENT IN BIG.DON'T FORGET THE ENTRY FOR THE PURCHASE OF BIG AND LET ME KNOW WHAT METHOD (FULL EQUITY, PARTIAL EQUITY OR INITIAL VALUE) YOU ARE USING.

Fica taxes but exempt from futa and suta taxes : (a) Harriet Pandel, an employer, is subject to FICA taxes but exempt from FUTA and SUTA taxes.

Distinguish between manufacturing and nonmanufacturing costs : Assume that you work for a manufacturing company that manufactures blue jeans, and you have been tasked with explaining the company’s cost flows. How do the manufacturing costs flow through your company’s accounting system (capitalization to expirati..

Difference between the income statement and balance sheet : What is the difference between the income statement and balance sheet in regards to timing? What is wrong with this statement: "The clinic's cash balance for 2011 was $150,000 while its net income on December 31, 2011 was $50,000."

Exclusive projects is different reinvestment rate assumption : The underlying cause of the NPV versus IRR conflicts on mutually exclusive projects is different reinvestment rate assumptions. The NPV method assumes that cash flows will be reinvested at the cost of capital while the IRR method assumes reinvestment..

How each amount in the flexible budget was calculated : Here are the budgets of Brandon Surgery Center for the most recent historical quarter (in thousands of dollars): Explain how each amount in the flexible budget was calculated. What do the Part B results tell Brandon’s managers about the surgery cente..

Journalize the payment of the monthly wages : Journalize the payment of the monthly wages, and record the payrolltaxes

Sales return request : On December 20th WSS received sales return request in the mail from EWU. The request was approved and the acknowledgement copy mailed to EWU.

User Account

All Pages