Fill the amount of the missing element of the financial position.

Q: Why are fixed assets reported on the balance sheet at a price that may not be accurate

A: Fixed assets are those that are not subject to change. Fixed assets are retained for an extended…

Q: Presented below are incomplete financial statements for Marta Communications Required: Solve for the…

A: Financial Statements are prepared by the management for reporting purposes. These are the essential…

Q: Give an example of pre-paid expenses and show the impact on the balance sheet?

A: The balance sheet is the important financial statement of the business. It tells about the financial…

Q: Sales Sales Revenue Less : Sales Returns and Allowances Sales Discounts Net Sales Cost of Goods Sold…

A: Gross profit from the trading account is taken to the credit side of this account along with other…

Q: Mamon Manuel has liabilities of P580,000 and owner's equity of P910,000. * Your answer

A: Assets = Liabilities + Owner's Equity

Q: what is the contrast the basic financial statements

A: Financial statements are written records that convey the business activities and therefore the…

Q: In respect to financial accounts, what do you understand by "materiality?" Also, name two variables…

A: Here is the Answer :

Q: The components of Statement of financial position will change because of many reasons. Take each and…

A: Statement of financial position can be defined as the summary of the financial balances of an…

Q: advantages of taking amount (measurement bases)

A: Measurement bases are bases at which elements of financial statements are recognized.

Q: What would be the advantages of reviewing a balance sheet in addition to the P&L?

A: Balance sheet: A balance sheet is a financial statement that shows a company's assets, liabilities,…

Q: Describe the accounting when there is a right of return.

A: The right of return entitles a customer to a full or partial refund of the amount paid or a credit…

Q: Is it possible for costs such as salaries or depreciation to end up as assets on the balance…

A: Balance sheet: Balance Sheet is one of the financial statements that summarize the assets, the…

Q: resented below are incomplete financialstatements for Marta Communications, Inc. 2 3 tequired: olve…

A: The income statement is known as one of the essential parts of the financial statement used for…

Q: Differentiate between Current Account vs Capital Account.

A: Account: A record, that documents or records the changes in assets, liabilities, or equity for a…

Q: Capitalizing a cost involves increasing what type of account?a. Liabilityb. Expensec. Stockholders’…

A: An asset is something which contains future economic value or future benefit.  A liability is…

Q: Maureen Cortez Plumbing Contractor has assets of P973,000 and liabilities of P148,700. *

A: Formula: Assets = Liabilities + Owners equity

Q: do the terms dehit and credit signify increase or decrease or can they signify either ? Explain

A: The effect of debit or credit on an account depends upon the nature of that account. It depends…

Q: Use the accounting equation to compute the missing financial statement amounts.

A: Accounting equation is the foundation of the accounting system of double entry. On the balance sheet…

Q: Explain how adjustments affect financial results.

A: Accounting systems are designed to record most recurring daily transactions, particularly any…

Q: Cash S 290,800 Kristina Marble, Drawing $ 121,20 Accounts Receivable 1,170,600 Sales 13,746,0…

A: The financial statements of the business include the income statement and balance sheet of the firm.

Q: What are opportunity costs? Explain why opportunity costs are not recorded in financial accounting…

A: The advantage that was forfeited by not selecting an option is known as the opportunity cost. The…

Q: Which account amount is the most important (larger) in the assets side and in the liabilities side…

A: Balance sheet is the summary of the financial position of the company on a particular date in which…

Q: Analyze the balance sheet

A:

Q: P2-3 (Algo) Recording Transactions in T-Accounts, Preparing the Balance Sheet from a Trial Balance,…

A: The balance sheet is one of the financial statements of a company that is prepared at the end of the…

Q: Cliff Bauzon has assets of P900,000 and owner's equity of P490,000. *

A: We know that, As per the accounting equation, Assets = Liabilities + Owners equity   Given that,…

Q: What is the difference between a PL and a balance sheet?

A: Balance sheet records the assets and liabilities of the firm at a point in time. P&L account or…

Q: Why are common sized financial statements useful? How do they differ from traditional financial…

A: The question is based on the concept of financial statement analysis , common sized or vertical…

Q: True or false Credits Increases in liabilities and revenue. Decrease in assets and expenses?

A: Assets - Assets are the resources owned by the company from the capital invested. Liabilities -…

Q: What is probably the greatest single reason conventional financial statements are inadequate for…

A: Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to create…

Q: Deduce the missing amounts and prepare the income statement.

A: Workings: