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Particulars Amount
Revenue………………………………………… **
Less: Expenses
.
.
.
. **
Net Profit/ Net loss……………… **
“X” Company
Income Statement (Classified/ Multiple steps)
For the year ended………………………..
“X” Company
Owner’s equity statement
For the year ended………., ……….
Particular Amount
Opening/Beginning, Capital **
Add:
Net income………………………………………… **
Additional investment…………………………… **
Less:
Drawings…………………………………………… **
Net Loss…………………………………………… **
Dividend payment………………………………… **
Current Asset:
A company expects to convert in cash or use up within one year or in an operating cycle.
An operating cycle of the company is the average time that is takes to purchase inventory , sell it
on account and then collect cash from the customers.
Examples:
Cash and cash & equivalent **
Short term investment **
Accounts receivables **
Less: Doubtful expense **
Less: Allowance for Doubtful expense **
**
Supplies
Inventory (ending) **
Prepaid expense **
Any revenue receivable **
Notes payable.
Accounts payable.
Current maturities of long term debt.
Other current payable.
Tax payable.
Accrued compensation payable.
Wage payable.
Long term liabilities are obligations that a company expects to pay after one year.
Long-term debt.
Deferred income tax.
Other long term liabilities.
Owner’s equity:
Corporations divide owner’s equity into two accounts-
(i) Capital stock.
(ii) Retained earnings.