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How much time required to prepare for Accounting, if one has no prior experience How much time required to prepare for Accounting, if one has no prior experience

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  #31  
Old Thursday, January 07, 2016
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Income statement question.. 3rd chapter miggs and miggs..Seperate balance sheet items from income statement items. and prepare an income statement only
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  #32  
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So you say that we can generate all the requirements from this statement?

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  #33  
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Will you please check my solution? tomorrow i ll try to share it in the same thread

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  #34  
Old Thursday, January 07, 2016
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Quote:
Originally Posted by zaaraqutab View Post
So you say that we can generate all the requirements from this statement?

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We only need Revenue and Expenses items for income statement. commission earned is revenue while depreciation is an expense.
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  #35  
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And the point
In addition furniture worth 50000 is purchased amount ll be paid in next year
What does it mean?

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  #36  
Old Thursday, January 07, 2016
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this is a balance sheet item

for income statement u need revenues and expenses take this sample

ABC
Income statement
for the year ended...

Revenue

Commision earned xxx

Expenses:

rent expense xxx
salaries xxx
depreciation xxx xxx

Net income xxx
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  #37  
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Im asking what ll we do with it in balance sheet?how we ll write the mentioned 50000 purchase on cradit in blnce sheet

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  #38  
Old Thursday, January 07, 2016
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Is it our liability?
Bills payable?

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  #39  
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One more thing.
Plz plz plzzzzzzz suggest me a good book for auditing plzzzzzz

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  #40  
Old Thursday, January 07, 2016
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yes..it is listed in assets as well as liabilities.
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