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(a)
Worksheet: A worksheet is a tool that is used while preparing a financial statement. It is a type of form having multiple columns and it is used in the adjustment process. The use of a worksheet is optional for any organization. A worksheet can neither be considered as a journal nor a part of the general ledger. Usually organizations use Microsoft Excel in order to use a worksheet electronically.
Post-Closing
Financial Statements: Financial statements are the financial reports that a company prepares in order to disseminate the information about its financial position and performance for a particular period of time. The three financial statements of a company include the
Journalizing: Journalizing is done in the double – entry book – keeping system of accounting. It is the process by which the transactions that happen in an organization are recorded in the books of accounting. It helps further in the preparation of the financial statements of a company.
Income Statements: Income statement is also known as the
Classified Balance Sheet: In order to improve the ease of understanding, a classified balance sheet is used. In a classified balance sheet, various standard classifications and sections are used to classify all the similar assets and similar liabilities together. The items having similar economic characteristics are put in the same group so that the users of the statement can easily understand the items.
To Prepare: The financial statements, closing
(b)
To Prepare: The income statement, retained earnings statement and the classified balance sheet of company A.
(c)
To Prepare: The closing entries.
(d)
To Post: the closing entries.
(e)
To Prepare: a post-closing trial balance.
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Chapter 4 Solutions
Financial Accounting
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