Show the company''s balance sheet, Accounting Basics

Assignment Help:

Q. Show the company's Balance sheet?

Balance sheet the balance sheet Exhibit contains the liabilities, assets and stockholders' equity items taken from the work sheet. Note that the USD 8000 ending inventory is a current asset. The Retained Earnings account balance comes as of the statement of retained earnings.

556_Show the companys Balance sheet.png

The closing process usually takes place after the accountant has prepared the financial statements for the period. The closing process closes revenue as well as expense accounts by transferring their balances to a clearing account called Income Summary and then to Retained Earnings. The closing process reduces the revenue as well as expense account balances to zero so that information for each accounting period may be accumulated separately.


Related Discussions:- Show the company''s balance sheet

On december 31, On December 31, 2013, a company issues bonds with a par val...

On December 31, 2013, a company issues bonds with a par value of $600,000. The bonds mature in 10 years, and pay 6% annual interest, payable each June 30 and December 31. The bon

Describe about borrowed money, Q. Describe about Borrowed money? The co...

Q. Describe about Borrowed money? The company lent USD 6000 from Chaney's father. Chaney signs the note for the company. The note turn off no interest and the company promised

accounts receivable for small busines, How vital does Accounts receivable ...

How vital does Accounts receivable for small business and why?        Ans) Accounts Receivables help small businesses by giving short-term liquidity. Also continued sales on cre

Prepare a schedule of depreciation expense for an equipment, 1. Mama's Frie...

1. Mama's Fried Chicken bought equipment on January 2, 2010, for $15,000.  The equipment was expected to remain in service 4 years and to perform 3,000 fry jobs.  At the end of the

Financial reporting about the economic resources, Q. Financial reporting ab...

Q. Financial reporting about the economic resources? The third financial reporting should provide information about the economic resources of an enterprise the claims to those

Provision for depreciation, Why is a provision for depreciation made in the...

Why is a provision for depreciation made in the financial statements? A to charge the cost of non-current assets against profits B to make a provision for repairs C to mak

What is managerial accounting information, Q. What is Managerial accounting...

Q. What is Managerial accounting information? A Managerial accounting information is for internal use and provides special information for the managers of a company. The inform

What is comprehensive income and revenues, Q. What is Comprehensive income ...

Q. What is Comprehensive income and Revenues? Comprehensive income is the alter in equity of a business enterprise during a period from transactions and other events and circ

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