Concept explainers
Worksheet
A worksheet is the summarized form of accounting information which is made in order to ensure that the accounts are made properly.
Adjusted
This statement is prepared to show all the year-end adjusted account balance of a business. The balances are shown in separate columns as debit and credit.
Income Statement
Income Statement is prepared by all the companies by enumerating all the expenses and revenues in the statement to calculate the resulting difference of Net
The balance sheet of a Company is the one of the most important financial statements because it shows the financial position of the Company. Main components of balance sheet are assets, liabilities and stockholder’s equity.
To Prepare: Worksheet of M Company
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Financial Accounting
- Accounting question is correct answer with solutionarrow_forwardThe industrial enterprise "HUANG S.A." purchased a sorting and packaging machine from a foreign company on 1/4/2017 at a cost of €500,000. The useful life of the machine was estimated by the Management at ten (10) years, while the residual value was estimated at zero. For the transportation of the machine from abroad to the company's factory, the amount of €20,000 was paid on 15/4/2017. As the insurance coverage of the machine during transportation was the responsibility of the selling company, HUANG S.A. proceeded to insure the machine from 16/4/2017 to 15/4/2018, paying the amount of €1,200. The delivery took place on 15/4/2017. As adequate ventilation of the multifunction device is essential for its proper operation, the company fitted an air duct on the multifunction device. The cost of the air duct amounted to €2,000 and was paid on 20/4/2017. On 25/4/2017, an external electrician was paid €5,000 for the electrical connection of the device. The company also paid €5,000 to an…arrow_forwardprovide correct answer of this General accounting questionarrow_forward
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