Income Statement And Balance Sheet Questions And Answers Pdf

A prepare an income statement retained earnings statement and balance sheet for the following.

Income statement and balance sheet questions and answers pdf. 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. R1 400 000 fixed assets land buildings plant equipment. Income statements and balance sheets 2 1 chapter overview 2 2 the income statement 2 3 the balance sheet 2 4 the importance of accounting for business operations. In the absence of information about the date of repayment of a liability then it may be assumed.

R1 200 000 long term loans. Questions and answers balance sheet income statement example 1. 9 a prepare the firm s income statement trading and profit and loss account including the appropriation. Each account is given a code which may comprise of numbers text or both.

Similar to personal net worth. Questions to ask about balance sheet and income statement page 2 of 3. Green as at 31 march 2015. A ledger account has two sides to it.

Prepare balance sheet for f. 11 b prepare the position statement balance sheet as at 28 february 2015. 10 net assets net worth of organization. Preparation of balance sheet horizontal and vertical style.

R1 200 000. Most ledgers are now computerised eg sage quickbooks. The period can be a quarter if it is a quarterly income statement or a year if it is an annual report. Question the following figures were taken from the statements of foreign developers.

R600 000 15 interest current liabilities creditors plus overdraft. The balance sheet the next is the income statement shown in figure 3 2 which provides information on the revenues and expenses of the firm and the resulting income made by the firm during a period. Solution to chapter 5 balance sheet and statement of cash flows assignment classification table by topic topics questions brief exercises exercises problems concepts for analysis. Answer any five questions c a prepare the income statement profit and loss account for the year ended 28 february 2015.

Below is an example of what a ledger account looks. The following trial balance is prepared after preparation of income statement for f. Questions to ask about balance sheet and income statement page 1 of 3. Item that appears in the balance sheet and income statement.