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What else can I help you with?
Where on the balance sheet do you put a deficit?
Retained Earnings
Can you pull your retained earnings and put into dividends?
Yes retained earnings are maintained for use when company is low in liquidity so company can use its retained earnings to pay dividends or any other business activity in normal course of business.
Where will you put Prior Period Adjustment?
Prior period adjustments are typically reported in the statement of retained earnings, which shows the changes in retained earnings over a specific period. They are used to correct errors in the financial statements from prior periods and ensure the accuracy of the financial information presented.
Where do you put the accrued income taxes on the balance sheet?
Under the liabilities section of the balance sheet?
Do you put GST or HST on the balance sheet?
HST paid goes on the credit side or expenses on the balance sheet
Where do put drawings in a balance sheet?
asset side
Where are accruals put on the balance sheet?
Current liabilities.
What should a post-closing trial balance contain?
Post closing trial balance contains all accounts that have not been closed (i.e assets, liabilities and owners equity accounts) The PCTB does not contain Net Income or even Gross Income, but instead contains "Retained Earnings" Retained earnings is what the company clears after all expenses and stock dividends (if any) have been paid. Or put simply, all general ledger accounts that are not "closed". GAAP formula for figuring the different types of Revenue are: Gross Revenue (income) - Expenses = Net Revenue (income) Net Revenue (income) - Dividends paid on Stock (if applicable) = Retained Earnings
Do you put cash value of life insurance on the balance sheet?
No.
Were do put long term notes payable on the balance sheet?
Long term = non current Payable = liability Therefore, I would put it under the Non-Current Liabilities heading in the balance sheet.
Where do you put notes payable on a balance sheet?
In the liability section of the balance sheet. Generally showing short terms portions separately from long term portions.
Where to put deferred tax assets in the balance sheet?
Defferred tax asset is shown in assets side of balance sheet under head of other assets.
