Income Statement And Balance Sheet Practice Questions With Solutions

Preparation of balance sheet horizontal and vertical style.

Income statement and balance sheet practice questions with solutions. On june 1 2017 elite service co. The certificates include debits and credits adjusting entries financial statements balance sheet income statement cash flow statement working capital and liquidity financial ratios bank reconciliation and payroll accounting. Breaking bad company received 100 from a customer for goods that were sold to that customer on account during the previous month. Is a merchandising company that uses the periodic inventory system.

R1 400 000 fixed assets land buildings plant equipment. As it is earned it moves from the balance sheet to the income statement as revenue 15. 2 19 add solution to cart remove from cart. R1 200 000.

The following trial balance is prepared after preparation of income statement for f. R600 000 15 interest current liabilities creditors plus overdraft. R1 200 000 long term loans. Selected account balances are listed below.

We now offer 10 certificates of achievement for introductory accounting and bookkeeping. Green as at 31 march 2015 in both horizontal and vertical style. The solution answers 40 multiple choice questions related to balance sheet income statement perpetual invenotyr system periodic inventory system bank reconciliation etc. Practice quiz questions balance sheet income statement transaction analysis solutions choose the single best answer.

In the absence of information about the date of repayment of a liability then it may be assumed. An increase in total assets c. Accounting for the receipt of the 100 is likely to result in a. Preparing the income statement chapter exam instructions.

Choose your answers to the questions and click next to see the next set of questions. Green as at 31 march 2015. A prepare an income statement retained earnings statement and balance sheet for the following. 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.

The balance sheet and income statement quiz is one of many of our online quizzes which can be used to test your knowledge of double entry bookkeeping discover another at the links below. Prepare balance sheet for f. Balance sheet income statement practice questions. Practice questions multiple choice identify the choice that best completes the statement or answers the question.

Was started with an initial investment in the company of 22 100. A decrease in total assets b. Sales 500 000 purchases 225 000.