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Q. Explain about financial statement?
The income statement is the statement of retained earnings the balance sheet and the statement of cash flows of Metro Courier Inc demonstrate the results of management's past decisions. They are the finish products of the accounting process which we explain in the next section. These financial statements offer a picture of the solvency and profitability of the company. The accounting process facts how this picture was made. Management as well as other interested parties utilize these statements to make future decisions. Management is the first to identify the financial results then it publishes the financial statements to notify other users. The nearly everyone recent financial statements for most companies are able to be found on their websites under Investor Relations or some similar heading.
Q. What is Purchase Discounts account? The buyer records the purchase discount merely when the invoice is paid within the discount period and the discount is taken. The Purchas
Q. Sales Returns and Allowances account? The Sales Returns and Allowances account is the contra revenue account to Sales that records the selling price of merchandise returned
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What is TRIAL BALANCE This statement is a listing on a certain date which demonstrates all accounts and their balances. This generally happen at the end of the month however it
Notes to financial statements
Q. Describe about Borrowed money? The company lent USD 6000 from Chaney's father. Chaney signs the note for the company. The note turn off no interest and the company promised
The following was taken from the records of the Frederic Products Company for 200X: 5) y for 200X: Total estimated manufacturing overhead cost for the year is $288,750 Total
Your report must include at a minimum the following items. 1. Calculate the following ratios based on the 2011 financial statement: * Current ratio * Quick ratio * Total asset
Process for Calculating gross earnings These are employee's earnings before any amount is deducted by the employer. Earnings are calculated either by a standard monthly r
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