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Financial Statements
A financial statement is a record of the financial activities of a person or business entity where all related financial information are presented in an orderly manner and can be easily understood.
5,583 Questions
Adjusted trail balance
How many weeks are in a payroll schedule which payroll is biweekly?
Bi-Weekly = every 2 weeks - Every payroll period will cover 2 weeks.
Bi-Monthly = 2x per month - Every calendar quarter will have one payroll period that has 3 weeks in it.
What statement does the notes payable go on?
Notes payable is same like accounts payable a liability of business and it is shown under current liability section of balance sheet.
They do not.
A company has a total assets of 10250 dollars and its owner equity is 5000 dollars how much are the liabilities of the company?
assets = liabilities + equity$10,250 = liabilities + $5,000 --> liabilities = $10,250 - $5,000 = $5,250
In Personal Finance
Operating Expenses (Debit) 6,600
Cash (Credit) 4,600
Accounts Payable (Credit) 2,000
Which income statement is classified by function and which one is classified by behavior?
The multi-step income statement is classified by function, and the single-step income statement is classified by behavior.
Do increase of prepayment increase or decrease cash flow?
An increase in prepayment will decreases cashflow
Financial statements in the early 2000s provide information related to?
hard assets (plant and inventory)
Journal entry for Cash purchase of goods?
cash purchase of goods:
inventory (Debit) increased
Cash in Hand (Credit) decreased
with amount of total cost of Goods purchased
When you start from net income to calculate the operativ cashflow you have to (1) add (substract) all operativ expenses (income) that appear in the income statement but did not result in cash in- or outflow, and (2) add (substract) all operativ cash inflow (outflow) that were not income (expense) and thus not recorded in the income statement.
The net income plus all these adjustments equals the operativ cashflow.
Depreciation were recorded in the income statement as an expense but it did not result in an cash outflow. You have to add it therefore to the net income.
The method described above is the indirect method to calculate the operativ cash flow.
How do you calculate contribution?
Formula for contribution is as follows:
Sales revenue xxxx
Less: Variable cost xxxx
Contribution margin xxxx
The difference between revenue from sales and cost of goods sold?
Difference between revenue from sales and cost of goods sold is called "Gross profit".
How do you find the net cash provided by operating activities?
Net cash provided by operating activities can be find out by adjusting the net income amount from income statement for non-cash items.
revalutation account is opened to record the revaluation of assets and liabilities.the profit or loss arising because of revaluation is transfered to old partners capital account in their old profit sharing ratio.
Companies from time to time check the values of assets and liabilities for there book values and if there is some changes in book values of assets and liabilities that revaluations are made through revaluation account which are later charge to profit and loss account or transferred to reserve account.
discuss objective and limitation of time series analysis
