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A balance sheet will work pretty much the same way. The balance sheet will list all assets the company retains, such as account receivable, cash, etc all liabilities such as notes payable, etc.
The major difference is the type of revenue or income. Usually listed as Service Revenue, although service revenue will be closed at the end of the month or whatever period and listed in retained earnings.
Even though it is a "service" business its operations is still similar to that of a merchandising business, however, such accounts as cost of goods sold are not used.
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Balance sheet of hypothetical business entity?
Prepare a Balance sheet for hypothetical company
How can you prepare the proforma balance sheet?
how can you prepare the proforma balance sheet?
How can a business use a balance sheet?
balance sheet is the financial statement prepared at the end of the year.it is very useful to a business concern to know its financial position of the firm and also comparison. balance sheet decides the shareholders entering and exit.it is useful to managers to prepare reports and improve the business by proper decision making
How do you prepare a Budgeted Balance Sheet?
how to prepare a budget for a fundraiser
How do you prepare provisional balance sheet?
i want to my pf balance
What is a pro forma balance sheet?
Proforma balance sheet is a projected balance sheet to predict the future of business.
On the trial balance sheet AR is what?
AR related to accounts receivable in trial balance sheet of business.
Is there a difference between a merchandiser's balance sheet and a service company's balance sheet?
Yes in merchandiser balance sheet there is stock of items available in balance sheet while in services balance sheet there is no inventory item available.
What is amalgamation of Balance sheet?
Amalgamation of balance sheet means to join together the balance sheets of two or more same size business or join the same size business as one business.
Where does stationary go on a balance sheet in business studies?
Stationery, as an accounting item, does not appear on a business Balance Sheet. The Balance Sheet is reserved for assets and liabilities. The Income Statement reflects income and expenses and because Stationery is an expense item it will appear on the Income Statement and not the Balance Sheet.
What is the difference between provisional balance sheet and estimated balance sheet?
Provisional balance sheets are used by companies to prepare for financial audits. An estimated balance sheet is used by companies to show projected growth for investors.
What is equity in balance sheet?
Equity in balance sheet is that account in which owner has invested money in business and business is liable to it's owner to return.
