Till La Hok Computer Services Trial Balance January 31, 2020 Debit Credit Cash P382,460 Accounts Receivable 92,000 Supplies 67,000 Office Equipment 700,000 Accounts Payable P980 Lok, Capital 947,000 Service Revenue 297,000 Utilities Expense 3,520 TOTALS P1,244,980 P1,244,980

Q: Statement of comprehensive income can be presented as

A: Statement of Comprehensive Income can be defined as the statement that contains the summary of the…

Q: Explain the term income statement.

A: The income statement (IS) is one of three financial statements (FS) which records the financial…

Q: What is a summary income account?

A: Lets understand the basics. For recording the financial event and transaction, we pass the journal…

Q: How can assets and liabilities be classified for a more informative balance sheet?

A: The balance sheet represents the financial position of the business with assets and liabilities on a…

Q: Describe how to report and analyze receivables.

A: Receivables are the assets for the company and may include trade receivables, other debtors or bills…

Q: Define the concept of Financial Assets

A: Definition:- Generally Financial assets are not in physical nature assets. Which are liquid assets…

Q: Define Current assets

A: Introduction: Assets are the properties acquired and managed by business as a result of past events…

Q: What is the formula to find net revenue in this spreadsheet?

A: Definition: Revenues: Revenues are earnings from the operations of a business. The operating…

Q: How to determine the timing and measurement of revenue.

A: Revenue recognition principle is the principle that determines when and how much amount should be…

Q: Define the term net assets.

A: Net assets: The net assets are the difference between the total assets and the total liabilities of…

Q: Give a breakdown of the sources of income and categories of costs for a financial organization.

A: Banking institutions are one of the key financial institution of the economy. They primarily receive…

Q: Describe the format used to report the components of net income.

A: Net income: Net income is the excess amount of revenue after deducting all the expenses of a…

Q: Explain the format of classified balance sheet.

A: Definition:   Classified balance sheet: The main elements of balance sheet assets, liabilities, and…

Q: what should be reported as total assets

A: In a Merger, The purchasing entity acquires all the assets and liabilities of the dispersing…

Q: Define the terms assets and liabilities and give examples of each

A: Assets means anything which is owned by business and used in business. Liabilities means which the…

Q: What steps are taken to prepare Income and Expenditure Account from a Receipt and Payment Account?

A: Introduction: Non-trading entities keep a revenue and expenditure account to determine the surplus…

Q: Define “Financial assets"; list them and explain their evaluation criteria in the balance sheet

A: A balance sheet is a financial statement that shows the assets, liabilities, and the shareholder…

Q: Define financial assets, trade and other receivables and financial liabilities Thanks tutor

A: Financial assets and trade and other receivables are different types of assets that are part of…

Q: Can i have a sample of comprehensive income statement?

A: Under the IFRS, the company should prepare a comprehensive income statement. This statement includes…

Q: Identify the major classifications of the balance sheet.

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

Q: Explain how to report various income items.

A: Introduction Income/Revenue is the money received from business/profession/service. There are many…

Q: Briefly explain the relationship between assets, liabilities, and revenue.

A: Assets is the tangible or Intangible factor in the business, which can be valued in terms of money…

Q: describe, calculate, and interpret comprehensive income;

A: The income statement is considered an important financial statement as it helps in order to get the…

Q: Explain the basic features of Income and Expenditure Account and ofReceipt and Payment Account.

A: Explain the basic features of Income and Expenditure Account and of Receipt and Payment Account.

Q: Define Comprehensive income.

A: Income: This is the amount earned from operations of a business. The operating activities are sale…