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As it is earned it moves from the balance sheet to the income statement as revenue 15.
Questions on income statement and balance sheet. Balance sheet income statement practice questions. Preparation of balance sheet horizontal and vertical style. 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.
Green as at 31 march 2015. Is a merchandising company that uses the periodic inventory system. Selected account balances are listed below. Investors scrutinize the balance sheet for indications the effectiveness of management in utilizing debt and assets to generate revenue that gets carried over to the income statement.
The following trial balance is prepared after preparation of income statement for f. In the absence of information about the date of repayment of a liability then it may be assumed. Sales 500 000 purchases 225 000.
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