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What is true if the income statement debit column exceeds income statement credit column on a worksheet?
Wiki User
∙ 13y ago
That would indicate that the company has made a loss.
Wiki User
∙ 13y ago
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If The total debit column exceeds the total credit column of the income statement columns on a worksheet?
the company has a net loss
Is net income recorded on the worksheet in the Income Statement Debit column and the Balance Sheet Credit column?
debit column of the income statement and the credit column of the balance sheet.
The income statement and balance sheet columns of Pine Company's worksheet reflects the following totals?
income statement credit column and the balance sheet debit column
When do you have suspense in the bank reconciliation statement?
when debit and credit column is not match of bank account
Discuss the procedures in preparing a 10 column worksheet.?
Start with the Heading. There are three lines in the heading, the name of the company, the title of the report which is "worksheet", and the tag "For the Year Ended and then the ending date. List all the accounts on the accounts column. All the accounts entered in the trial balance and the accounts appeared in the adjustments. Then write the following Column Titles: Trial Balance - 1st two columns, Adjustments 3rd & fourth column; Adjusted Trial Balance - 5th & 6th columns; Income Statement on the 7th & 8th columns; and Balance Sheet for the 9th & 10th column. Then list all the debit and credit amount on their respective columns. The Trial Balance coming from the Trial Balance report. The adjustments coming from the different accounts that need to be adjusted (e.g. accruals, prepaid expense, unearned income, depreciation and bad debts) The Adjusted Trial Balance - by just combining the first two columns the Trial Balance and Adjustments to fill-up this column. Example: If there is an amount on both Trial Balance and Adjustment columns you need to get the sum of the two amount - if the amount is on the same side (both debit or both credit) otherwise get the difference. If only one of the two mentioned columns has an amount, just copy that amount on the Adjusted Trial Balance. For the Income Statement Column, enter all amounts under the accounts of revenues and expenses then the rest should be entered under the balance sheet column. Get the total of all the debit and credit of the different columns. Add an amount either on the debit or credit of the Income Statement to make both sides equal. Do the same with the Balance sheet column. Identify this added amount either as Net Income or Net Loss and write it under the Account Column below the first total.
An account will have a credit balance if the?
credits exceeds the debits
Why are there no debit or credit columns on financial statements?
because the inside column on financial statements is used for subtotaling
What is a statement credit?
What is a statement credit? It is a kind of reward, but I don't know how to use it.
Is tax credit a dollar for dollar reduction of the tax payer'stax liability?
Yes. There are two kinds: refundable and non-refundable. If a non-refundable credit exceeds the taxpayer's liability, the excess credit is lost. If a refundable credit exceeds the taxpayer's liability, the excess is refunded to the taxpayer.
Are cash sales an asset?
The cash derived from the sales would be the asset. While the term "cash sales" (as opposed to credit sales) may appear on an income statement or a cash flow statement in the plus column, the cash received would appear as an asset on the balance sheet or financial statement.
Is an increase to your bank statement a debit or credit?
credit
Which of these is not included on a credit card statement?
credit score
