A balance sheet is a statement businesses produce that outlines their assets and liabilities. It is a snapshot of their fixed assets‚ current assets‚ current liabilities and long term liabilities for a specific moment in time such as the end of a financial year. Using these figures‚ a business is able to calculate their net working capital; how much the business is worth‚ whether it can afford to expand and if it is a good venture for investors. There are different groups of people who are interested
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Key pointers to balance sheet and profit and loss statements: A balance sheet represents the financial affairs of the company and is also referred to as “Assets and Liabilities” statement and is always as on a particular date and not for a period. A profit and loss account represents the summary of financial transactions during a particular period and depicts the profit or loss for the period along with income tax paid on the profit and how the profit has been allocated (appropriated).
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Income statement The income statement or the profit and loss account as it is also called measures reports how much profit (wealth) has the business generated over a period of time. To measure profit the total generated revenue over a period must be identified. Revenue is a measure of inflow of economic benefits arising from the operations of the business. These benefits will either result in an increase of assets such as cash or amounts owed to the business by the customers or a decrease
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Journal Entry No.2 This unit has been overstressing ‚ too many projects assigned and it’s exam week. I feel burden ‚ but I know I can do this ‚ I’m a strong girl. This unit my performance is not really good‚ I don’t focus too well ‚ maybe because of too much problems ‚but thank God I have my friends who are there to help me . Trigonometry is not easy to be friend with ‚ you have to keep knowing and updating it . For instance‚ Trigonometry helped me to be an independent person ‚ to do my assignments
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REFLECTION JOURNAL Name: steven hathcock Modules 1 & 2 Module 1: Driving is Your Responsibility: Please answer the following questions in complete sentences using proper spelling and grammar: Complete the K-W-L information below. K- What you Know List two things you know about driving. 1.Look and be aware of your surroundings. 2.Your parents are responsible for your financial actions if you are a minor. W—What you Want to know List two things you want to know about
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Journal Entry #3 The essay on His Race for Race was a very descriptive essay. The essay spoke on the color of Barack Obama which showed the racial barriers he went through today as our president. Obama is very good with speeches and debates he mastered that from his days on the Harvard Debate Team. One point in the 2008 presidential campaign a white lady showed a racial stereotype due to ignorance by saying “she isn’t voting for Obama because he was Arabian.” Obama comes from a very large diverse
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Journal entries 1 February 2014 RM RM 1. Dr Ordinary Share Capital (1/4 x 120) 30‚000 Cr Purchase of own shares 30‚000 2. Dr Purchase of own shares 37‚500 Cr Bank (30 x 1.25) 37‚500 3. Dr Retained Earnings 30‚000 Cr Capital Redemption Reserve 30‚000 4. Dr Share Premium 7‚500 Cr Purchase of own share 7‚500 5. Dr Treasury shares (3/4 x 120 x 1.25) 112‚500 Cr Bank 112‚500 1 April 2014 6. Dr 8% Debentures
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December 31‚ 2009 pro- forma balance sheet and income statements for R& E Supplies‚ Inc. The pro- forma balance sheet shows that R& E Supplies will need external funding from the bank of $ 1.4 million. However‚ they show $ 1.27 million in cash and short- term securities. Why are they going to the bank when they have most of the required amount in their cash account? 2. Pro forma financial statements‚ by definition‚ are predictions of a company’s financial statements at a future point in time. So
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Journal Entry #1 How you see yourself; how others see you If I had to describe myself‚ I would describe myself in 4 different ways listing my physical‚ intellectual‚ social and emotional characteristics. I would also list my strengths and weaknesses‚ my self-image and things I would like to be different about myself. Physically‚ I have brown eyes and golden blonde to brown hair. I do not have a fit build‚ nor am I skinny. I am a little over an average build but I would not describe
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___________________________________________________________________________ 1. Delta‚ Northwest‚ and United Airlines have all‚ at one time‚ filed for bankruptcy. True 2. In a classified balance sheet‚ we categorize all liabilities as current. True 3. False A line of credit is an informal agreement that permits a company to borrow up to a prearranged limit without having to follow formal loan procedures and paperwork. True 9. False We record interest expense in the period in which we pay it‚ rather
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