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A Balance Sheet Is Basically A Statement Of Assets And Claim Over Assets Of An Entity As At A Particul Bookkeeping Business Accounting Notes Financial Position
Month sales expenses january 20 000 15 000 february 30 000 20 000 march 40 000 30 000 april 30 000 20 000 may 50 000 40 000 june.
Income statement and balance sheet practice questions pdf. Questions to ask about balance sheet and income statement page 1 of 3. 10 net assets net worth of organization. Is a merchandising company that uses the periodic inventory system. Questions and answers balance sheet income statement example 1.
1 practice problems on income statement and balance sheet answer problems 1 4 on the basis of following data. Similar to personal net worth. R1 400 000 fixed assets land buildings plant equipment. Question the following figures were taken from the statements of foreign developers.
Financial statements tutorial there are four major financial statements used to communicate information to external users creditors investors suppliers etc 1. Consider the following monthly data for clarington heights inc. Green as at 31 march 2015 in both horizontal and vertical style. Practice questions multiple choice identify the choice that best completes the statement or answers the question.
The following trial balance is prepared after preparation of income statement for f. Green as at 31 march 2015. For january through june. In summary the left hand side of the balance sheet reports the assets that earn income and the right hand side reports how these assets are fi nanced.
Balance sheet income statement practice questions. In the absence of information about the date of repayment of a liability then it may be assumed. R600 000 15 interest current liabilities creditors plus overdraft. Chapter 7 balance sheet pdf 12 kb 244 chapter 7 income statement pdf 14 kb 244 chapter 7 dept gross profit total pdf 8 kb 244 chapter 7 statement of cash flow pdf 11 kb 244 chapter 7 statement of retained earnings pdf 7 kb 244 chapter 7 statement of changes in financial position pdf 11 kb 244 7 11.
Prepare balance sheet for f. When an owner draws 5 000 from a sole proprietorship or when a corporation declares and pays a 5 000 dividend the asset cash decreases by 5 000. 1 2 the income statement unlike the balance sheet which tells us the state of the fi rm at one point in time the income statement tells us how the fi rm has performed over a period of time. As it is earned it moves from the balance sheet to the income statement as revenue 15.
Balance sheet assets liabilities and shareholder s equity 2. R1 200 000 long term loans. Sales 500 000 purchases 225 000. Selected account balances are listed below.
Preparation of balance sheet horizontal and vertical style. R1 200 000.
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