Explain the flow of information and the sequence in preparing the four basic financial statements: income...
- Explain the flow of information and the sequence in preparing the four basic financial statements: income statement, statement of retained earnings, balance sheet, and statement of cash flows.
Homework Answers
First: Income statement
Income statement is first prepared for any financial statement and it will give us the net income generated from business after meeting all expenses of the period.
Second: Statement of retained earnings
Secondly we can prepare the statement of retained earnings , and it will show the how much we have already in balance of retained earnings and how much we can earn in this period and how much we are distributed to our shareholders as dividend in ratio of there investment in equity
Third: Balance Sheet
It will show us the our assets and liability available with organization and what the balance is available with stockholders. Assets and liabilities are further classified in short term and long term and other as per requirement.
Fourth: Cash Flow statements:
Because of following the accrued method of accounting we don’t know the actual cash inflow and outflow with above statements so for knowing the actual cash inflow and outflow we can prepare this statement
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Explain the flow of information and the sequence in preparing
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Question: 1 E1-1 Reporting Amounts on the Four Basic Financial Statements Using the following table and...
Question: 1
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The order in which the financial statements are prepared is:
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Question: 1
E1-1 Reporting Amounts on the Four Basic Financial Statements Using the following table and the equations underlying each of the four basic financial statements Assets Liabilities Shareholders' Equity Revenue Expenses Net income Dividends Beginning Retained Earnings Ending Retained Earnings Cash Flows from Operating Activities Cash Flows from Investing Activities Cash Flows from Financing Activities Beginning Cash Ending Cash $19,680 14,350 5,250 10,900 9,400 1,500 580 4,182 5, 120 1,840 (1.120) (1,060) 1,320 980 Required: a. Show that the...
Required information Reporting Amounts on the Four Basic Financial Statements and Evaluating Financial Statements LO 12 LO 1-3 The following information applies to the questions displayed below) Fitbit, Ine, reported the following information for the nine month period ended October 2015. dem enthousands of dollars Accounts Payable Accounts Receivable ti Cash ( ry 1, 2016) Tece pense 3. 17.1 D e the long-terests totechers CP1-4 Part 1 Required What amount of total assets have been financed by the creditors and...
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Required Information Reporting Amounts on the Four Basic Financial Statements and Evaluating Financial Statements [LO 1-2, LO 1-3] [The following information applies to the questions displayed below.] The following information for the year ended December 31, 2016. was reported by Nice Bite, Inc. $ 45,000 22,89 103. See 102.899 180,500 Accounts Payable Accounts Receivable Cash (balance on January 1, 2016) Cash (balance on December 31, 2016) Common Stock Dividends Equipment Income Tax Expense Interest Expense Inventory Notes Payable Prepaid Rent...
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