which of the following is correct as it relates to use of worksheets in preparing financial statements?
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which of the following is correct as it relates to use of worksheets in preparing financial statements?
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- Please help with the following question in regards with accounting homework: Taking into account all the errors/omissions noted above, prepare the corrected Creditors Control account for the month of June 2021. Balance the account. Please follow up on the format and information attached , god bless youWorking paper that bridges the gap between the accounting records and the financial statements are called ___. Between cycle sheets Divet sheets Financial temps Worksheets53. The accounting cycle is: the length of time it takes to complete a set of financial statement after the books are closed. a process that begins with adjusting entries and ends with the preparation of the financial statements. applicable only to manual systems, not to computerized systems. the sequence of procedures used by a O business to process economic information and to produce financial statements.
- arkman Sporting Goods is preparing its annual report for its fiscal year. The company's controller has asked for your help in determining how best to disclose information about the following items: Required: Indicate whether each item should be disclosed (A) in the summary of significant accounting policies note, (B) in a separate disclosure note, or (C) on the face of the balance sheet. 1. A related-party transaction.2. Depreciation method.3. Allowance for uncollectible accounts.4. Composition of investments.5. Composition of long-term debt.6. Inventory costing method.7. Number of shares of common stock authorized, issued, and outstanding.8. Employee benefit plans.9. PostingA. Accumulates the effects of ledger entries and transfers them to the general journal.B. Is done only for income statement activity because activity related to the statement of financial position does not require postingC. Is done once every year.D. Transfers journal entries to the ledger accounts.teps in the Accounting Cycle Rearrange the following steps in the accounting cycle in proper sequence: a. Transactions are analyzed and recorded in the journal. b. An unadjusted trial balance is prepared. c. Transactions are posted to the ledger. d. Adjustment data are assembled and analyzed. e. An adjusted trial balance is prepared. f. Adjusting entries are journalized and posted to the ledger. g. An optional end-of-period spreadsheet is prepared. h. A post-closing trial balance is prepared. i. Financial statements are prepared. j. Closing entries are journalized and posted to the ledger.
- For the months November, December, and January, I have been tasked to find the Current Liabilites, net income, debt ratio, and Return on equity. I have already began work on this assignment and would like some confirmation of my findings as well as work shown for how your answers were found so I can see my errors if any were made. Thank you.The full "accounting cycle" culminates in closing the books and producing financial statements. Discuss the differences between Permanent "real" accounts and Temporary ¨nominal¨ accounts: What type of information is contained in nominal accounts, and what type of information is contained in real accounts? Which financial statement contains the information from nominal accounts and which contains the information from real accounts? Provide an example of real accounts and an example of nominal accounts.From the following list of steps in the accounting cycle, identify what two steps are missing:a. Transactions are analyzed and recorded in the journal.b. An unadjusted trial balance is prepared.c. Adjustment data are assembled and analyzed.d. An optional end-of-period spreadsheet is prepared.e. Adjusting entries are journalized and posted to the ledger.f. An adjusted trial balance is prepared.g. Closing entries are journalized and posted to the ledger.h. A post-closing trial balance is prepared.
- I need help with this practice problem. Put the balances from the adjusted trial balance into the T accountsCreate properly formatted income statement and balance sheet for the year and the balance sheet as of 12/31.Create the closing entries.Post the results of the closing entries into the T accountDraw off balances for the T accounts.Create the post-closing trial balanceIn your opinion, why would an accountant be interested in adjusting some transactions before Final Accounts are prepared?The Assistant Manager of Ridley Corporation is seeking your advice as the accountant, indealing with the accounting changes in the company for the year 2020. Prepare a report,indicating the appropriate accounting treatment for the following situations. In yourreport, indicate the type of accounting change (change in accounting policy or change inestimate) or correction of error and the appropriate accounting treatment (retrospective orprospective). 1. It was found in May 2020 that warranty claims for 2019 sales have increased because of adefective component used in manufacturing. The extra costs amounted to $200,000 inexcess of the 2019 warranty accrual. 2. In 2020, the company examined its entire policy relating to the depreciation of plantequipment. Plant equipment had normally been depreciated over a 15-year period, butrecent experience has indicated that the company was using too short a period in itsestimates and that the assets should be depreciated over a 20-year period. 3.…