Financial statements soln

Financial statements soln - Financial statements 1 of 11

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inancial statements http://www.perdisco.com/elms/qsam/html/qsam.aspx of 11 18/05/2008 1:09 AM Navigation map Additional information To answer this question you may need the following information: Background information Worksheet Trial balance as at end of last month Trial balance as at end of this month General ledger riginal information Financial statements [feedback page] This is your last feedback page in this practice set. When you are ready, to ensure that your final score is recorded complete this practice set by clicking finish . You will then see your final score. Instructions for financial statements Prepare an income statement for the month. Select the appropriate accounts using a popup link. Then, enter all values as positive values since values to be subtracted are indicated on the income statement with brackets around the input box. Note that there are two instances where you are required to select profit or loss from a drop-down list. Brackets will be displayed if you select loss. Prepare a statement of changes in equity for the month. Most values are to be entered in the input boxes as positive values, since values to be subtracted are already indicated on the statement with brackets around the input box. Note that you are required to select profit/loss from a drop-down list. Brackets will be displayed if you select loss. Potential exceptions where you may be required to enter a value as a negative number are the line items for the opening and closing balance of RETAINED EARNINGS. In order to be marked as correct, a credit balance of Retained Earnings must be entered as a positive number and a debit balance of Retained Earnings must be entered as a negative number. Prepare a balance sheet as at the end of the month. Select the appropriate accounts using a popup link. Then, enter all values as positive values since values to be subtracted will be indicated on the balance sheet with brackets around the input box. Please note that any answers from previous pages carried through onto this page (either on the page or in a popup information page) are the correct answers, not your particular answers.
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Financial statements soln - Financial statements 1 of 11

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