Preparing financial statements from the work sheet, Biology

Assignment Help:

When the work sheet is finished all the essential information to prepare the statement of retained earnings, income statement and balance sheet is readily available. Currently you need only recast the information into the appropriate financial statement format.

The information you require to prepare the income statement is in the work sheet's Income Statement columns in Exhibit 20. The information you require to prepare the statement of retained earnings is taken from the Statement of Retained Earnings columns in the work sheet. To make this statement use the beginning Retained Earnings account balance adds the net income or deduct the net loss and then subtract the Dividends. Hold the ending Retained Earnings balance forward to the balance sheet. Keep in mind that the statement of retained earnings helps to relate income statement information to balance sheet information. It does this by representative how net income on the income statement relates to retained earnings on the balance sheet.

2313_Preparing financial statements from the work sheet.png

The information essential to prepare a balance sheet comes from the Balance Sheet columns of Micro Train's work sheet. As stated previous the correct amount for the ending retained earnings appears on the statement of retained earnings.


Related Discussions:- Preparing financial statements from the work sheet

Digestive system, steps of digestive system in amoeba,with a clear picture ...

steps of digestive system in amoeba,with a clear picture description

, comparitive table to explain the differences between the animals in chor...

comparitive table to explain the differences between the animals in chordate classes

ADAPTATION, AQUATIC ADAPTATION IN ANIMALS

AQUATIC ADAPTATION IN ANIMALS

Define structural elements - biological functions of protein, Define Struct...

Define Structural Elements - Biological Functions of Proteins? Structural proteins are fibrous proteins. The well known of the fibrous proteins are possibly the keratins, which

Role of dietitian in health care, Role of Dietitian in Health Care The ...

Role of Dietitian in Health Care The role of the dietitian has come a long way since the early 1900s. Their role is still unknown to a  lot of people. Some think that dietitian

Stepped steel, The stepped steel shaft illustrated in Figure is subjected t...

The stepped steel shaft illustrated in Figure is subjected to a torque (T) at the free end and a torque (2T) in the opposite direction at the junction of the two sizes.

What hormone can be used to overcome jet lag?, Q. What hormone can be used ...

Q. What hormone can be used to overcome jet lag? Jet lag takes place when an individual's biological clock is out of sync with local time. According to general rule it takes ab

Supenisory nursing round, Supenisory Nursing Round: Supervisory rounds...

Supenisory Nursing Round: Supervisory rounds are tours or excursions into areas where patients are cared for where personnel operate, where intra and inter departmental commun

Type one diabetes mellitus, Q. Type one Diabetes Mellitus? Type 1 DM oc...

Q. Type one Diabetes Mellitus? Type 1 DM occurs in children and adolescents (6-14 yrs). In this disease, the body makes little or no insulin. Daily injections of insulin are ne

Write Your Message!

Captcha
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