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Prior balance refers to the amount of money in an account before any new transactions, such as deposits or withdrawals, are made. It reflects the financial status of the account at the end of the previous statement period. Understanding the prior balance is essential for tracking spending, managing budgets, and reconciling accounts. It serves as a starting point for calculating current balances after recent activity.
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The balance in Allowance for Doubtful Accounts must be considered prior to end of period adjustment when using what methods?
Allowance Method
Revenues total 10200 expenses total 7300 and the owners withdrawals account has a balance of 2600 What is the balance in the income summary account prior to closing net income or net loss?
5500
If 1800 was received in January for services performed in January what was the balance in Unearned Service Revenue at December 31 2013?
If $1,800 was received in January for services performed in January, this amount would not affect the balance in Unearned Service Revenue at December 31, 2013, as it relates to future revenue. The balance in Unearned Service Revenue at that time would depend on any amounts received in advance for services not yet performed prior to January 2014. Without additional information regarding prior unearned revenue, we cannot determine the exact balance at December 31, 2013.
What is a source that could be used in developing an expected account balance?
Financial information from comparable prior periods adjusted for any changes expected to affect the balances of the current period.
What is called prior period adjustments are reported as an adjustment to which account?
Prior period adjustments are reported as an adjustment to retained earnings in the shareholders' equity section of the balance sheet. These adjustments correct errors from prior financial periods and reflect the cumulative effect of these corrections on the company's retained earnings. They are not reflected in the income statement of the current period but are instead recorded directly in equity to maintain the integrity of financial reporting.
Why were the samples of table salt and sand placed into beakers prior to weighing?
The purpose is to avoid the contamination of the balance or of the sample.
The balance in Allowance for Doubtful Accounts must be considered prior to end of period adjustment when using what methods?
Allowance Method
Revenues total 10200 expenses total 7300 and the owners withdrawals account has a balance of 2600 What is the balance in the income summary account prior to closing net income or net loss?
5500
Should the previous retained earning show on a new year trail balance?
The previous Retained Earnings plus or minus the prior year's gain/loss will show on the new year Trial Balance.
When did Confederate General Stonewall Jackson raid Manassas prior to the Second Battle of Bull Run?
Prior to the actual battle of the Second Bull Run, it was important for the Confederacy to do its best to keep the Union army out of balance. One way was the actions of General Stonewall Jackson just prior to the beginning of this key battle. To keep the union off balance, Jackson raided the Federal supply depot at Manassas Junction on August 26, 1862.
What is a bod in finance?
It could refer to "Balance on Delivery". This refers to the purchase of an item where some money is paid prior to delivery - either on order and subsequently. The terms of the sale are that the outstanding balance must be paid when the goods (or services) are delivered.
How did the US try to deal with disagreement over the slavery prior to the civil war?
Attempts were made to balance statehood between free and slave states.
The balance in allowance for doubtful accounts must be carefully considered prior to the end of the year adjustment when applying which method?
estimate based on an analysis of recivable
If 1800 was received in January for services performed in January what was the balance in Unearned Service Revenue at December 31 2013?
If $1,800 was received in January for services performed in January, this amount would not affect the balance in Unearned Service Revenue at December 31, 2013, as it relates to future revenue. The balance in Unearned Service Revenue at that time would depend on any amounts received in advance for services not yet performed prior to January 2014. Without additional information regarding prior unearned revenue, we cannot determine the exact balance at December 31, 2013.
What is the reason for adding the net income for the year to the balance sheet?
Adding net income balances out the equity account, which will generally be reflected as the beginning balance of equity (prior year ending balance) before you add net income. Balancing the equity account (Beg Bal of Equity + Net Income/(Loss) = End Bal of Equity) is necessary in order to balance the Balance Sheet, since Assets = Liabilities + Equity.
What are two ways to use an equal arm balance?
An equal arm balance can be used to weigh or compare objects with a high degree of accuracy. The arms must be properly calibrated to equal lengths and balanced evenly on the axis of rotation prior to use.
How do you get net fixed assets on a pro forma balance sheet?
Fixed assets are considered non-current assets on the Pro Forma balance sheet. Pro forma sheets are done prior to a planned merger, acquisition, and predicts the anticipated results of the action.
