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Income and Expenditure: Problem and Solution # 3. B. balance sheet. Balance Sheet (assets, liabilities, and Shareholder’s equity) 2. 500 500. The Income Statement summarizes all revenue earned and expenses incurred during a specified accounting period, and shows the net income (or net loss) earned over that period. Practice: Interpreting the Income Statement. <<997a3ec4d6134945bd38364f848b9dc9>]>> Deriving additional information from the Balance Sheet 03. A decrease in total assets b. $500 of wages are earned by employees but not yet paid b. Basic cash flow statement. Statutory Vertical Form of Balance Sheet 06. (22) 0000004386 00000 n 0000000616 00000 n %PDF-1.4 %���� Financial Statement Review: Financial Statements Tutorial There are four major financial statements used to communicate information to external users (creditors, investors, suppliers, etc.) Choose your answers to the questions and click 'Next' to see the next set of questions. D. tax reconciliation statement. Earned RevExpenNet + = + + = Asset Assets ities Capital Capital enues ses Income. Given below are important MCQs on Balance Sheet to analyse your understanding of the topic. 1. Accounting Study Guide Solutions to Exercises Lesson 3: Income Statement 1. 26. 2,000 2,000. WE 500 WP 500. The following is the statement of receipts and payments of the Charity Eye Hospital for the year ending March 31, 2012: You are asked to prepare the Income and Expenditure Account for the year and the Balance Sheet as on 31st March, 2012. A current asset is: A. an item currently owned by the firm. Are the Statutory Formats useful? How does it differ from a Balance Sheet? Prepare the income statement, statement of changes in equity and balance sheet for Palicio Security Services Inc. A: This is actually a pretty tricky and advanced accounting question. 74,800 Purchases Rs. In this case, the statement of owner’s equity uses the net income (or net loss) amount from the income statement (Net Income, $5,800). (i) Common size income statement The statement in which sales figure is assumed to be 100 and all other figures are expressed as a percentage of sales is known as common size income statement. Statutory Horizontal Form of Balance Sheet 05. So is the case if you are looking for CBSE class 11 Commerce related topic . 2,000. The statement uses the final number from the financial statement previously completed. In simple words balance sheet analysis states that it is an analysis of liabilities, assets and equity of a business. Financial Statements – I Numerical Questions 1. While the income statement and the balance sheet are accrual basis statements, the statement of cash flows is a cash basis statement—noncash items are omitted. Practice: Interpreting the Balance Sheet. trailer The answers are also given for your reference. Basic cash flow statement. By examining a sample balance sheet and income statement, small businesses can better understand the relationship between the two reports. 68,000.; Depreciation Machinery by 10 % and Amortization of Patents by 20 %. Discover everything Scribd has to offer, including books and audiobooks from major publishers. It does not apply to (i) Insurance or Banking Company, (ii) Company for which a form of balance sheet or income statement is specified under any other Act. The balance sheet reports a company’s assets, liabilities, and equity as of a specific date. 0000001322 00000 n 2. Our mission is to provide a free, world-class education to anyone, anywhere. Accounting for the receipt of the $100 is likely to result in a. 188 16 0000003807 00000 n This analysis is mainly used for stemming exact figures regarding assets, revenue, and liabilities of the firm. Review the Balance Sheet below and answer the following questions: 1) What kind of assets are account receivables? Answer the questions which follow. This page contains the CBSE accountancy class 11 chapter 9, Financial Statements – I Numerical questions Solutions .You can find the questions/answers/solutions for the chapter 9 of CBSE class 11 accountancy in this page. 0000001662 00000 n 0000002366 00000 n 0000000016 00000 n 0000003092 00000 n Prepaid asset (CA↑) 15,000 Cash (CA↓) 15,000 6) Collected $16,000 in advance from customers for deliveries to be made in six months. Next lesson. C. statement of cash flows. Let’s create a balance sheet for Cheesy Chuck’s for June 30. Balance Sheet Transaction WE WP. Breaking Bad Company received $100 from a customer for goods that were sold to that customer on account during the previous month. The balance sheet, together with the income statement and the statement of changes in equity, forms part of the financial statements of a business. Inventory on 31 st, December 2015 was valued at Rs. Prepare Bologna s income statement, statement of retained earnings, and balance sheet for the year ending December 31, 20X5. - 1. INV AP. Any dividends declared during the period are subtracted in arriving at the ending Retained Earnings balance to be reported in the balance sheet at the end of the period. Income Statement Dr. Christy Russo For the Month Ending September 30, 20— Statement of Owner's Equity Dr. Christy Russo Supplies Expense Net Income Salary Expense Owner's Equity C. Russo, Capital Furniture and Equipment Liabilities For the Month Ending September 30, 20— Balance Sheet Dr. Christy Russo September 30, 20— Accounts Payable Assets Rs.9000 on liability side, Rs. 1. The following example questions ask you to calculate a company’s total liabilities and total equity on a given day. 188 0 obj<> endobj %%EOF Practice Problems - Balance Sheet - Solutions Exercise 4 5) Prepaid $15,000 of selling, general, and administrative expenses to be used within the next twelve months. Fair value accounting. 8000 is to be shown in income expenditure account on income side. Problem 3: Prepare Trial Balance as on 31.03.2012 from the following balances of Ms. Maliha Afzal: Drawings Rs. In summary, the left-hand side of the balance sheet reports the assets that earn income and the right-hand side reports how these assets are fi nanced. INFORMATION. 0000007394 00000 n 2) Is there sufficient cash on hand and accounts receivable to pay for taxes and accounts payable? An increase in total assets c. Doing the example with accounts payable growing. Unexpired Insurance at the end financial year was Rs. This is the currently selected item. (Show calculations in brackets where the notes are not required.) 1.2 The Income Statement Unlike the balance sheet, which tells us the state of the fi rm at one point in time, the income statement tells us how the fi rm has performed over a period of time. especially with regards to the trading and profit and loss account (income statement) and the balance sheet (statement of financial position) which has caused a few problems with learners in the past. PRACTICE QUIZ QUESTIONS BALANCE SHEET, INCOME STATEMENT, TRANSACTION ANALYSIS SOLUTIONS Choose the single BEST answer. (As it is earned, it moves from the balance sheet to the income statement as revenue.) Be sure to prepare proper headings DQGGDWHVRQHDFK¿QDQFLDOVWDWHPHQW Capital stock $102,500 Wage expense 92,500 Revenue 225,000 Cash 22,500 Utilities expense 15,000 30,000 Marshalling of Assets and Liabilities : Order of Liquidity/Permanence 04. Chapter 7_Balance Sheet.pdf 12 KB 244 Chapter 7_Income Statement.pdf 14 KB 244 Chapter 7_Dept Gross Profit Total.pdf 8 KB 244 Chapter 7_Statement of Cash Flow.pdf 11 KB 244 Chapter 7_Statement of Retained Earnings.pdf 7 KB 244 Chapter 7_Statement of Changes in Financial Position.pdf 11 KB 244 7-11 295,700 Stock (1.04.2011) Rs. E. shareholders' equity sheet. x�b```f``���$�00 � +�0p,`� N��½���u9g�G�3\k8߳j�.����^�|��c-� �'�>v^��l/�}���b�c+���a bka������]�����m)�D/�u��Y3�`�ce;���&ɘ��� ��E��I*}!��N�OQg\�3�q�p��"ȑ��"q��L�A���!K��C�E(,�I9���1�����%�t$��L=;圛����*k�O���Q��c0�f^�ٵ��� ����'+�/ ��.����k��V��{{TT�e+���HTl���ʖw�b {�'� �I�+��� >��mB^` (�$[�$] It applies to all Indian companies preparing financial statement commencing on or after April 01, 2011. 3. Balance Sheet MCQs. 0000001539 00000 n 0000001406 00000 n 1. Up Next. Balance Sheet Ending December 31st 2014. Example 1: Preparation of Balance Sheet – Horizontal and Vertical Style: The following trial balance is prepared after preparation of income statement for F. Green as at 31 March 2015.. Doing the example with accounts payable growing. Balance Sheet. 0000003542 00000 n The analysis of balance sheet takes place at a regular interval of time; it might be annually or quarterly. 2. Required: Prepare balance sheet for F. Green as at 31 March 2015 in both horizontal and vertical style.. Choose your answers to the questions and click 'Next' to see the next set of questions. xref When an owner draws $5,000 from a sole proprietorship or when a corporation declares and pays a $5,000 dividend, the asset Cash decreases by $5,000. 3) What percentage of fixed assets is represented by land ownership? 15. Those questions that require some narrative are still lacking in some cases with only a few words offered being the order of the day. Balance sheet and income statement relationship. The following information is all that is available. Income Statement. Financial Statements, Balance Sheets & Income Statements Chapter Exam Instructions. Interpreting the Income Statement. HELEN'S HAIR STYLISTS PROJECTED INCOME STATEMENT FOR APRIL TO JUNE 2010 APRIL MAY JUNE R R R Sales of hair products 87 500 105 000 122 500 Cost of sales 50 000 60 000 70 000 Gross profit 37 500 45 000 52 500 Other operating income 122 000 122 000 162 000 Problem 1: From the following summary of Cash Account of X Ltd., prepare Cash Flow Statement for the year ended 31st March 2007 in accordance with AS-3 using the direct method. 0000004649 00000 n INV 2,000 AP 2,000. a. And just like these previous two statements (income statement and statement of changes in equity), the balance sheet is usually drawn up annually. startxref 0000002659 00000 n ) is there sufficient cash on hand and accounts receivable to pay for taxes accounts! 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