Income Statement Columns On A Worksheet

Balance sheet containing the adjusted balances for the asset liability and owner s equity accounts.

Income statement columns on a worksheet. This video shows how to do the income statement and balance sheet columns of the worksheet. Using your worksheet as a guide prepare the income statement for the month ending 30 june 20xx and the balance sheet as at 30 june 20xx. Complete the income statement and balance sheet columns in the worksheet. Columns 6 and 7.

This income statement column will contain values pertaining to only the revenues and expenses accounts. Income statement containing the adjusted balances for the revenue expense gain and loss accounts and. If the total revenues exceed the expenses then the difference will be recorded as net income for the year. Income statement one column for debits one column for credits in the figure below you see a sample of a worksheet developed from trial balance numbers.

Make sure to watch the previous videos on the adjustments and th. To complete the worksheet the amount of net income or loss is entered in the lower portion of the income statement columns in a manner which causes total debits to equal total credits. Enter accounts in ascending order according to their chart of account number. For example the cash account which is an asset is shown in the debit column of the balance sheet.

Note that the numbers of the trial balance are transferred to the appropriate financial statement.