Palisade Creek Co Adjusted Trail Balance May 31st 2019 Particulars Cash Accounts Receivable Merchandise Inventory Estimated Return Inventory Prepaid Insurance Stores Supplies Debit Amount 84500 245875 570000 50200 4800 4000 Credit Amount

Q: With illustrations, show how you would interpret Financial statements to the different stake holders…

A: Financial Statements: Income Statement Revenue: $2,000,000 Expenses: $1,500,000 Net Income: $500,000…

Q: What is a personal statement of financial position?

A: Answer: A personal statement of financial position is nothing but a document that entails the…

Q: What is the income statemen, owners equity, balance she

A: Income Statement is an account prepared to record all the expenses and revenues of a particular…

Q: What types of investments generate interest income and how is interest income reported?

A: Ans. Interest income is the earnings received in return of the amount deposited as investments.

Q: what types of investments generate interest income and how is interest income reported?

A: When a person makes an investment then that person will earn a return or an income on that…

Q: How to make a personal financial statement?

A: Personal Dinancial statement is a summary statement of individual financial position, it contains…

Q: How do you accrue and calculate interest

A: interest calculation = principle amount * rate of interest    accrued interest is interest…

Q: financial assertion

A: Financial assertions are statements made by management in an an assertive way regarding the items in…

Q: What are the requirements for Personal Financial Planning Engagements?

A: Audit Planning: Audit planning is the first step in the auditing process. Auditor gathers all the…

Q: What is rental income? Also, what are rental-related expenses? Give me some examples as well

A: Revenue Recognition means the recording of revenues of an entity in its books. It is an accrual…

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: ccounting" What are you looking for in terms of compensation and benefits?

A: Accounting is the process of measuring, processing, and communicating financial information about an…

Q: Where does the accrual accounting focuses?

A: Accrual basis of accounting: Accrual basis of accounting refers to recognizing the financial…

Q: Explain Transfer of Property or a Beneficial Interest in Borrower?

A: The question is based on the agreement of Mortgage loan in real estate deal.

Q: which ratio is of greater interest to the owner-manager, the rate of return on total assets or the…

A: The ratio refers to the measure that determines the relation between two numbers. In accounting, the…

Q: Increases to owner's equity may be from what?

A: Owners' Equity: This is the amount the investors have invested in business to get the ownership. The…

Q: How do you measure returns to real estate investments? explain in 4 paragraphs

A: ANSWER: Real Estate Investments Means & how do they measure returns:   Individuals and…

Q: How do you report self-employment income?

A: Self-Employment is the business or profession a person does for himself and not for others. A…

Q: How to forecast financial statements?

A: It is the method of evaluating or anticipating how a business will act later on. The most widely…

Q: A net income will _______ the owner's capital account.

A: IncreaseExplanation:When a business generates a net income, it means that its total revenues exceed…

Q: How do you caluclate return on assets and return on equity?

A: Ratio analysis is a mathematical expression of the relationship between two accounting figures.There…

Q: What does investing activities includes?

A: Definition: Statement of cash flows: The statement of cash flow is a financial statement that shows…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is