Category: Financial Statement

Adjusting Entry For Salaries Payable

Step 2 Transferring partners salary to Profit Loss Appropriation Ac. For a five-day workweek 900 5 days daily salaries are 180. Creating an adjustment will allow us to comply with the matching principle by matching expenses with revenues earned for the period month. Salaries payable is a balance-sheet short-term liabilities account. An adjusting journal entry […]

Personal Balance Sheet Definition

This information is more valuable when the balance sheets. The purpose of the balance sheet is to reveal the financial status of a business as of a specific point in time. And liabilities Current Liabilities Current liabilities are financial obligations of a business entity that are due and payable within a year. The column on […]

Understanding Financial Statements 3rd Edition

Ittelson Teaches readers how to use specialized accounting vocabulary and explains the structure and purpose of the three major numeric statements that describe a companys financial condition. The third edition of this best-selling title has been thoroughly updated to reflect changes in financial practices and rules. Berger MD Steven H. Understanding Financial Accounting 3rd Canadian […]