Why does a company''s profit appear as a credit

Assignment Help Accounting Basics
Reference no: EM13904086

Why does a company's profit appear as a credit on its balance sheet?

Reference no: EM13904086

Questions Cloud

What is the difference between net cash flow and net income : What is the difference between net cash flow and net income?
Why would prepaid insurance have a credit balance : Why would Prepaid Insurance have a credit balance?
Why is the accuracy of inventory valuation so important : Why is the accuracy of inventory valuation so important?
Depreciation on motor vehicles : Depreciation on Motor Vehicles @ half ,editors incorporate a case for harms of Rs. 30,000 and which was settled by paying Rs. 20,000.
Why does a company''s profit appear as a credit : Why does a company's profit appear as a credit on its balance sheet?
How do i record a loan payment which includes paying : How do I record a loan payment which includes paying both interest and principal?
What is the difference between a debit and a debit balance : What is the difference between a debit and a debit balance?
Provision for dicey obligations : Provision for dicey obligations is to be kept at Rs. 500 (c) Depreciate plant and apparatus
Trading and profit and loss account : Prepare a Trading and Profit and Loss Account and a Balance Sheet in the wake of considering the accompanying conformities

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is ending inventory is approximately

Miller Company needs an estimate of its ending inventory balance. The following information is available.

  Castillo company has a defined benefit pension plan at the

castillo company has a defined benefit pension plan. at the end of the reporting year the following data were available

  Allowable casualty loss deduction

In 2010, Grant's personal residence was damaged by fire. Grant was insured for 90% of his actual loss, and he received the insurance settlement. Grant had adjusted gross income, before considering the casualty item, of $30,000. Pertinent data with..

  At the end of its accounting period december 31 the

at the end of its accounting period december 31 the allowance for doubtful accounts for far-fetch corp. showed a debit

  Office world inc has cash and carry customers and credit

office world inc. has cash and carry customers and credit customers. office world estimates that 25 of monthly sales

  Leased asset at the lease inception

If Pisa, Inc.'s incremental borrowing rate is 10% and the rate implicit in the lease (which is known by Pisa, Inc.) is 8%, what is the amount recorded for the leased asset at the lease inception?

  Coca a corporation of turkey is engaged in the production

How would your answer change if the "U.S. net equity" of the branch was $1,650,000 at the end of 2012? How much tax would be owed?

  Tb 120 resendes refiners inc processes sugar cane that it

tb 120 resendes refiners inc. processes sugar cane that it purchases from farmers. sugar cane is processed in batches.

  A company uses the fifo method for inventory costing during

a company uses the fifo method for inventory costing. during a period a production department had 32000 units in

  What is the statement of financial position

What is the statement of financial position?

  Which of following costs are likely to be fully controllable

Which of the following costs are likely to be fully controllable, partially controllable, or not controllable by the chief of the production department?

  Following are selected transactions for eduardo company nov

following are selected transactions for eduardo company. nov. 1 accepted a 5000 180-day 6 note dated november 1 from

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd