Stacey's Landscaping Solutions provides services to landlords and property owners. The following data relates to the expected operations for the three months of October to December 2022. Credit Services provided Receipts from Debtors Cash services provided Payment to Suppliers Credit Purchases of supplies October 18000 20 000 1950 4 800 3900 November 12 000 30 000 2250 13 500 2150 Open Sansa December 12 400 5000 3.300 Additional Information: Stacey plans to purchase new Equipment in October of $12,000 cash The old equipment is expected to be sold in November for $4,000 - Salaries paid each month are $8,500 Administrative costs paid each month are $2,000 Depreciation on equipment in October is 5500 and will increase to $1,200 each month from November due to the new equipment purch Stacey likes to keep a minimum cash balance of $12,000 each month The cash balance as at 30 September 2022 was $15 000 10px 4 800 1890 Required: Prepare a cash budget on a monthly basis for the three months ending December 2022. For the toolbar press ALT ALT-10 (Mac) BIVS Paragraph L2 I Þ
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
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