Income Statement And Balance Sheet Questions And Answers

Consolidated statements of income year ended may 31 in millions 2011 2010 revenues 21 862 19 014 cost of sales 11 354 10 214 gross profit 10 508 8 800 demand creation expense 2 948 2 356 operating overhead.

Income statement and balance sheet questions and answers. Given below are important mcqs on balance sheet to analyse your understanding of the topic. Prepare balance sheet for f. Prepare a statement of owner s anatomy and physiology. A prepare an income statement retained earnings statement and balance sheet for the following.

Solution for income statement statement of owner s equity and balance sheet 1. The financial statements such as a statement of cash flows and the income statement along with balance sheet are used to prepare and analyse the financial status of a company. The income and balance sheet shows the amount of debt a company has. 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.

Does the statement of. Using bellwether as an example what cash accounts does the statement of cash flow report. Cash 99 600 accounts receivable 173 300 finished goods 36 400. To investors this is a way to determine if they are capable of meeting their obligations.

Green as at 31 march 2015 in both horizontal and vertical style. Was started with an initial investment in the company of 22 100. On june 1 2017 elite service co. Preparation of balance sheet horizontal and vertical style.

As it is earned it moves from the balance sheet to the income statement as revenue 15. Forecasting the income statement balance sheet and statement of cash flows assume the following are the financial statements of nike inc. How are the income statement and balance sheet related to each other. 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.

Income statement and balance sheet. The following trial balance is prepared after preparation of income statement for f.