chapter 4 quicks books

Create a Balance Sheet for November 30th assuming no other transactions occurred for the month other than those noted above.

Figures are taken from the Income statement and Balance sheet as at 30 January 2009 and as at 30 January 2010.

1.3 Before going to the next account, let’s analyze the Accounts Payable account closer. This account is special. Look at the Control data tab

Financial Reports – May 2015. After discussion, there was a motion by Director McVicar and seconded by Director Wilson to approve the financial reports. Director McVicar stated the she noticed that the checking account was $200,000 higher than the previous year. The vote was as follows:

BALANCE SHEET |Dec 1990 |Jan |Feb |Mar |Apr |May |June |July |Aug |Sept |Oct |Nov |Dec | |Cash |175 |556 |724 |175 |175 |175 |175 |175 |175 |175 |175 |175 |175 | |Accts receivable |2,628 |958 |234 |271 |270 |250 |250 |270 |1,603 |3,113 |3,580 |3,982 |3.063 | |Inventory |530 |948 |1,355 |1,749 |2,157 |2,564 |2,971 |3,365 |2,904 |2.314 |1,549 |697 |530 | |Net P/E |1,070 |1,070 |1,070 |1,070 |1,070 |1,070 |1,070 |1,070 |1,070 |1,070 |1,070 |1,070 |1,070 | |Total Assets |4,403 |3,533 |3,383 |3,265 |3,672 |4,059 |4,466

Separate ledgers are held in Xero for you to view at any time, these are accounted for in the end of month reports produced

Name: ________________________________ Date: _________________ [1]BASIC BANK01 - BAT 003 Which of the following statements is true? A. An asset account is increased by a credit B. An expense account is increase by a credit C. A revenue account is decreased by a credit D. An equity account is decreased by a debit [2]BASIC BANK02 - BAT 010 The Income Summary account contains: A. Total revenues and total expenses for the year B. Total assets and total liabilities at year end C. Total revenues, expenses, assets, and liabilities

Current and historical Financial Statements (Income Statement (I/S), Balance Sheet (B/S) and Statement of Cash Flows) from the three most current years for the firm

actual accounts, which can be considered as uncollectible, i.e. those that are already over 90 days. The balance

Reports the variance in the main income statement and balance sheet accounts and the reasons thereof.

Account groups : assets, liabilities, owners equity, revenue and expenses makes up all of the statement of financial position and statement of financial performance. They show us the budgets and also the profit/ loss.

b. Trace the line item “Balance per Bank Statement” – Accuracy and Existence (AU-C 315.A114 a-iii, b-i)

The process of recording and posting the effects of business transaction is done in a double entry t-form. The total dollar amount of debits must equal the total dollar amount of credits, with debits to the left and account credit to the right. Broken down, Assets = Liabilities + Stakeholder Equity. “Since debits increase assets, expense, and dividend accounts, they normally have debit balances. Conversely, because credits increase liability, capital stock, retained earnings, and revenue accounts, they normally have credit balances.”( Edwards, J. D., Hermanson, R.H., & Maher, M. W. (2011). p.84)

With any financial statement it is important to note, when comparing and contrasting differences between the financial highlights page which is

The last one is the Balance Sheet which tells a person the lists of assets he has, the list of