Preparing financial statements from the work sheet, Biology

Assignment Help:

When the work sheet is finished all the essential information to prepare the statement of retained earnings, income statement and balance sheet is readily available. Currently you need only recast the information into the appropriate financial statement format.

The information you require to prepare the income statement is in the work sheet's Income Statement columns in Exhibit 20. The information you require to prepare the statement of retained earnings is taken from the Statement of Retained Earnings columns in the work sheet. To make this statement use the beginning Retained Earnings account balance adds the net income or deduct the net loss and then subtract the Dividends. Hold the ending Retained Earnings balance forward to the balance sheet. Keep in mind that the statement of retained earnings helps to relate income statement information to balance sheet information. It does this by representative how net income on the income statement relates to retained earnings on the balance sheet.

2313_Preparing financial statements from the work sheet.png

The information essential to prepare a balance sheet comes from the Balance Sheet columns of Micro Train's work sheet. As stated previous the correct amount for the ending retained earnings appears on the statement of retained earnings.


Related Discussions:- Preparing financial statements from the work sheet

Enzyme, name of enzyme that mostly used in industrial biotechnology?

name of enzyme that mostly used in industrial biotechnology?

How do birds reproduce, Q. How do birds reproduce? Birds like every ver...

Q. How do birds reproduce? Birds like every vertebrate have sexual reproduction. Their embryos develop within shelled eggs containing extraembryonic membranes and exterior the

Name the term for cancer of the blood, Which of the below terms is also cal...

Which of the below terms is also called "cancer of the blood" - an uncontrolled, greatly accelerated production of white cells. Is it: a) Leukemia b) Polycythemia c) sick

Phylum colentrata, In phylum colenterata if tissues are present in the body...

In phylum colenterata if tissues are present in the body of an organism then why organs are not present as group of tissues makes an organuestion..

How does the excretory system of nematodes work, How does the excretory sys...

How does the excretory system of nematodes work? The metabolic residuals of nematodes are collected by two longitudinal lateral excretory channels that open in one excretory po

Give name of the cells capable of making gametes, Q. What is the name of th...

Q. What is the name of the cells capable of making gametes? What is the ploidy of these gamete-forming cells? The cells that form gametes are the germ cells as opposed to the s

What is xaxim, Q. What is xaxim? Most pteridophytes have subterraneous ...

Q. What is xaxim? Most pteridophytes have subterraneous stems similar to the substrate called as rhizomes. Xaxim is a kind of pteridophyte with an aerial stem in generally perp

Why the effect of genetic drift likely to be the same, Is the effect of gen...

Is the effect of genetic drift likely to be the same in pop 1 and pop 2? How are genetic drift and pop size related? When there is strong selection against the homozygous recessive

Define about the food production, Define about the Food Production? We ...

Define about the Food Production? We know that agriculture comprises the major source of food production. This is very true in a country like ours where the majority of the pop

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd