Income statement columns for all revenue and expense account

Assignment Help Financial Management

Reference no: EM131077919

Once you have your adjusted trial balance, you can move the totals to the Income Statement columns for all revenue and expense accounts and to the Balance Sheet and owners’ equity columns for all asset, liability, and equity accounts. When you total the columns for the income statement, it will not balance. The difference is your net income. Be sure to review the worksheet in Chapter 4 to see how it presents the net income and make the two columns balance. The same will happen when you total the Balance Sheet columns.

Now you can prepare the income statement and the statement of owner's equity for the year ended April 30, 2009 and the classified balance sheet at April 30, 2009. Please be sure to prepare these in Excel as it is difficult to keep your columns straight and get your formatting correct in Word. Proper format counts. Please view examples in your textbook and make sure you prepare a classified balance sheet.

Be careful how many $ you use in your statements. They go before the first amount in each column and on the totals. Also make sure you underline before a calculation (example addition) and double underline at the end of the statement to show the end.

Reference no: EM131077919

Questions Cloud

What bid price per stamp should you submit : Consider a project to supply 60,800,000 postage stamps to the U.S. Postal Service for the next 5 years. You have an idle parcel of land available that cost $760,000 five years ago; if the land were sold today, it would net you $912,000, aftertax. You..

The correct opportunity cost for project is determined : The correct opportunity cost for a project is determined to be 15% and the project is expected to generate $1 million in cash flows at the end of the next 4 years after an initial outlay of $3 million. Based on this information, the project would plo..

Net working capital will return to its normal level : Jasper Metals is considering installing a new molding machine which is expected to produce operating cash flows of $73,000 a year for 7 years. At the end of the project, net working capital will return to its normal level. What is the net present val..

What is the value of the short forward contract : A short forward contract that was negotiated some time ago will expire in three months and has a delivery price of $40. The current forward price for three-month forward contract is $42. The three month risk-free interest rate (with continuous compou..

Income statement columns for all revenue and expense account : Once you have your adjusted trial balance, you can move the totals to the Income Statement columns for all revenue and expense accounts and to the Balance Sheet and owners’ equity columns for all asset, liability, and equity accounts. Please be sure ..

Zero book value over the life of its equipment : Precision Tool is analyzing two machines to determine which one it should purchase. The company requires a 15 percent rate of return and uses straight-line depreciation to a zero book value over the life of its equipment. Whichever machine is purchas..

Net present value of installing the donut makers : The owners of a chain of fast-food restaurants spend $3600000 installing donut makers in all their restaurants. This is expected to increase cash flows by $1300000 per year for the next 6 years. The discount rate is 9%. What is the net present value ..

Uses straight-line depreciation to zero book value : Precision Tool is analyzing two machines to determine which one it should purchase. The company requires a 15 percent rate of return and uses straight-line depreciation to a zero book value over the life of its equipment. Whichever machine is purcha..

Fixed-rate mortgage to buy new home : You need a 30-year, fixed-rate mortgage to buy a new home for $240,000. Your mortgage bank will lend you the money at a 7.5 percent APR for this 360-month loan, with interest compounded monthly. What will be the amount of the balloon payment if you a..

User Account

All Pages