Income Statement And Balance Sheet Questions With Adjustments

B question 9 of 10 in adjusting and closing the books.

Income statement and balance sheet questions with adjustments. Balance sheet and income statement. The balance in the current asset account supplies before any adjustment is a debit balance of 1 500. Big blue rental corp. Adjusting entries financial statements balance sheet income statement cash flow statement working.

Capital beginning of the year net loss or net income total capital. Net income of 147 000. Balance sheet and adjustments. As it is earned it moves from the balance sheet to the income statement as revenue 15.

Majority of the business enterprises are preparing their financial statements in statement form. 21 000 cash at bank. The income statement totals the debits and credits to determine net income before taxes the income statement can be run at any time during the fiscal year to show a company s profitability. Income statement and balance sheet overview.

Make corrections and adjustments to income statement and balance sheet. Borrowings from commercial loan company. Adjustments and their effect on financial statements. Green as at 31 march 2015.

The actual amount of supplies on hand unused was determined to be 700. 173 000 capital balance at 31 dec 2006 102 000 non current liabilities. Net loss of 159 000. Property plant and equipment.

The net income or net loss from the income statement is on the balance sheet s capital section. 76 000 plant 42 000 current assets. 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. A question 8 of 10 if the debit subtotal of the income statement on the work sheet is 159 000 and the credit subtotal is 147 000 there is a.

Outstanding expenses or accrued expenses. The income statement or profit and loss report is the easiest to understand it lists only the income and expense accounts and their balances. Net income of 12 000. Prepare balance sheet for f.

Use the following information to answer questions 24 29. In the absence of information about the date of repayment of a liability then it may be assumed. This sum represents an amount that a customer paid in advance and that kretz will earn evenly over a four month period. Inventories 23 000 trade receivables.

Balance sheet non current assets. Based on its income for the month kretz corporation estimates that federal income taxes for march amount to 3 900. Net loss of 12 000. 26 000 total liabilities and owners capital.

On march 1 2010 kretz corporation recorded a liability account customer deposits for 4 800. Preparation of balance sheet horizontal and vertical style. The net income or net loss is used to update the balance sheet s capital amount. Big blue rental corp s preliminary income statement for august 2009 and its august 31 2009 preliminary balance sheet did not reflect the following.

Green as at 31 march 2015 in both horizontal and vertical style. The total of all the cash accounts on the balance sheet petty cash cash.