Videos
Concept Introduction:
Financial statements:
Financial statements are prepared to summaries the account at the end of the period. The statements prepared are Income statement,
Balance Sheet:
The Balance sheet is a summary of Assets, Liabilities and equity accounts that reports the financial position of the business as on a specific date. Assets are further classifies into Current Assets, Long Term Investments, Plant Assets and Intangible assets. And Liabilities are further classified into Current Liabilities and Long term liabilities.
Income Statement:
Income Statement is the part of the financial statement which is prepared to calculate the net income earned by the organization. In the income statement, all expenses are subtracted from the revenues to calculate the net income. It is prepared for a particular period.
To Prepare:
The Income Statement for the year ended December 31, 2014 following the IFRS practices
Want to see the full answer?
Check out a sample textbook solution
Chapter F Solutions
FUND.ACCT.PRIN.(LOOSELEAF)-W/ACCESS
- Hello tutor please given General accounting question answer do fast and properly explain all answerarrow_forwardDuring July, the production department of PrimeTech Manufacturing completed a number of units of a product and transferred them to finished goods. Of these transferred units, 45,000 were in process in the production department at the beginning of July, and 185,000 were started and completed in July. July's beginning inventory units were 35% complete with respect to materials and 55% complete with respect to labor. Compute the number of units transferred to finished goods.arrow_forwardSubject general accounting questionarrow_forward
- Please explain the solution to this general accounting problem using the correct accounting principles.arrow_forwardHarrison's Heavy Equipment, Inc., is a company that manufactures bulldozers. During the year, Harrison purchased $2,140,000 of direct materials and placed $1,890,000 worth of direct materials into production. Harrison's beginning balance in the Materials Inventory account was $320,000. What is the ending balance in Harrison's Materials Inventory account?arrow_forwardhi expert please help me accounting question solutionarrow_forward
AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,
Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSON
Intermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill Education
Financial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education