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Preparing financial statements for a merchandising business
(The statements are completed in this order.)
1. Income Statement (contains only expenses and revenue and shows net loss or gain)
2. Statement of Owner's Equity (summarizes the changes in owner's equity during accounting period)
3. Balance Sheet (lists a firm's liabilities, assets and owner's equity as of a certain date)
A bauxite mine was acquired at a cost of $1,500,000 and estimated to contain 6,000,000 tons of ore. During the year, 95,000 tons were mined and sold. Prepare the journal entry fo
Which of the following about debits and credits is false? A. Credits increase revenues, gains and bonds payable B. Debits increase salaries expense and prepaid expenses (prepayment
Gracie invested P12000 cash in the business.
Q. Explain journal entry? A journal is a sequential arranged in order of time record of business transactions. A journal entry is the stacking of a business transaction in the
Q. Effects of failing to prepare adjusting entries ? Failure to organize proper adjusting entries causes net income and the balance sheet to be in error. You are able to see the
Remedies of overtrading
Q. Explain about Amortize? Amortize -- to charge a regular part of an expenditure over a fixed period of time. Forinstance if something cost $100 and is to be amortized over te
Q. What is Sales Discounts account? The Sales Discounts account is the contra revenue account to the Sales account. In the income statement the seller deducts this contra reven
Q. Understand how to account for transportation costs? FOB terms are particularly important at the end of an accounting period. Goods in transit after that belong to either the
How the use of different accounting policies affect the financial performance of different entities operating within the same industry
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