Articulated Financial Statement Example

Provide an example of how the financial statements are articulated.

See attached file.

Don't use plagiarized sources. Get Your Custom Essay on
Articulated Financial Statement Example
From $10/Page
Order Essay

The procedure of preparation of financial statements is explained in a separate word document which is attached herewith. A sample statement showing 10 column worksheet along with income statement, Retained earning and Balance sheet is attached in excel format.

After transactions are identified, recorded, and summarized, and trial balance prepared, the following four financial statements are prepared.

1 INCOME STATEMENT

2 STATEMENT OF OWNER’S EQUITY

3 BALANCE SHEET

4 CASH FLOW STATEMENT

1. Generally we prepare four financial statements mentioned above as a composite financial statement set from the given Trial balance and additional information regarding various adjustments such as accrued revenue, Expenses payable, Unearned income, Amortization, Prepaid expenses etc.

2. It is more convenient to prepare Income statement and balance sheet with the help of a 10 column work sheet. A specimen 10 column work sheet is provided in the excel file attached herewith just for your information. The steps are summarized as under.

3. Assets should be entered in Dr column of Balance sheet section of work sheet as they are debit balances.

2. Accumulated amortization is the outcome of accumulated amortization at 1st January plus current year’s depreciation as under.

Accumulated amortization 1st January (say) $4000
Add: Current year (2008) Depreciation $1000
Total accumulated amortization $5000

It is a contra asset which should be shown as deduction from cost of the asset i.e.

4. All liabilities should be entered in the credit column of Balance sheet section of work sheet and then carried to the Balance sheet with classification as current liabilities and long term liabilities. Please note that liabilities payable in one year period like account payable and note payable are current liabilities. Mortgage is a long term liability.

5. Service revenue is the item of revenues having credit balance as such entered in credit column of income statement of work sheet.

6. Expenses accounts are debit balances which are entered in debit column of income statement part of work sheet.

7. Dividend paid is a debit balance which is entered in debit column of work sheet for agreement of balances and finally deducted from owner’s equity in owner’s equity section of balance sheet.

7, 8. Adjusting Entries: There are some timing issues also in the preparation of financial statements. The economic life of the business is divided in to artificial periods in accordance with time period assumption.

Many transitions affect more than one time period. For example revenue is received in one period while it is actually earned in next or future period. Similarly expenses are paid in advance but the service might be received in next period.

9. Revenue recognition principal states that the revenue is recognized when income is actually earned.

10. Most of the business enterprises use accrual basis of accounting. In accrual accounting revenue is recognized when it is actually earned whether actually received or not.

11. Expenses are recoded when service is actually performed whether cash is paid or not. In other words revenues are recognized and expenses recorded when they are recognized or incurred in the related accounting period.

12. Therefore adjusting entries are made to adjust the accounts at the end of the period. The adjusting entries are incorporated in the work sheet by adding the expenses payable or incomes accrued in the related columns and showing assets and liabilities …

Solution Summary
The expert provides an example of how the financial statements are articulated..To continue with the answer check on mycoursewriter.com/

MyCourseWriter
Order NOW For A 35% Discount!
Pages (550 words)
Approximate price: -

Why Choose Us

Quality Homework Writing

Do you need to ace your test? We have qualified writers to assist you in writing 100% quality homework writing. Mycoursewriter offers students unique and personalized custom papers that help them in getting good grades. Our academic experts will assist you with your dissertation papers, thesis writing, research papers, term papers, and case study homework help. Our writers are experienced and have perfected the art of crafting the best essay writing papers regardless of your academic level. Order now and get our superb homework writing services.

Expert Academic Writers

A student needs professional assistance outside class time. Before hiring our writers, they undergo thorough tests and strict educational backgrounds. After passing a test, our writers undergo training to ensure they deliver expert professional papers to our customers. We ensure they meet the timely delivery of papers and follow our customers' provided instructions. Every writer is an ENL writer and is from the USA, Canada, UK, or Australia. Our experts approach papers effectively depending on their area of specialization.

Affordable Price Guarantees

Is the deal too good to be true? Mycoursewriter is the most affordable assignment help website on the market. We consider students' daily needs for academic help. Our paper costs are reasonably priced to approximately 90% of students around the globe. Our main aim is to ensure students achieve academic excellence, and we believe inconsiderable prices should not hinder students from getting quality homework writing help. In case of any dissatisfaction, we offer unlimited revisions and rewrites without extra charges.

Timely delivery of papers

Tight deadline? Is your paper due in the next few hours? Worry no more. Our writers are here for your rescue. Many college students find it hard to balance their social and academic life and get caught up with academic deadlines. Drafting your paper at the last minute does not allow you to conduct extensive research and craft the correct answers. We have expert writers ready to work on your assignment writing. Urgent writing services are the ultimate solutions you need. We guarantee you timely delivery of papers at your convenience and specified time delivery of the customer.

100% Original Tasks

The ultimate deal-breaker in achieving good grades is submitting imitative papers. Plagiarism is a breach of examination standards and has serious consequences. Students need to deliver papers written in their understanding by paraphrasing their research findings and relevant citations. Our expert's primary consideration is providing free plagiarized papers that meet the lecturers' requirements. Our editors will proofread your paper before delivery ad ensure your papers will not be substandard. We guarantee extreme originality, and in case of any customer concerns, we offer a plagiarism report.

All Round the clock Customer Support

Our website is user-friendly and super useful! Mycoursewriter is the most trusted online writing website always available to provide you with assignment writing services that you need. Our primary concern is meeting customer need specifications by our friendly customer support team that Is available all the time. Our website usability is self-learnable but in case of any problem, feel free to contact us directly through our website email: support@mycourserwiter.com. We have diligently satisfied thousands of students, and you can witness this on our sites' review page.

Try it now!

Calculate the price of your order

We'll send you the first draft for approval by at
Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Advantages of Using Our Assignment writing Services

Mycoursewriter welcomes you for superb essay writing services. We are a legit site offering help with your most challenging homework writing assignments at affordable prices. Your essay paper will be assigned to a professional writer who will craft the paper from scratch according to your provided instructions.

Essays

Essay Writing and Proofreading Services

Essay writing is a common assignment writing for most college students. It takes a lot of time to craft a complete perfect essay. Mycourserwiter offers the best essay writing and proofreading services for most college students. Your paper is assigned to an expert writer who does thorough research on fresh ideas and personalizes your essay paper according to your assignment writing guidelines. Our essays are entirely exceptional and undergo a strict procedure that includes papers free from plagiarism and thorough proofreading.

Admissions

Admission and Business Papers

Writing an admission paper is not every student's desire, and this should not hinder any student from earning an admission. Writing a perfect personal statement to earn a position in a dream school or job can be stressful. Personal statements should display a high level of confidence and uniqueness. Admission essays require you to have a vast knowledge of the current happenings in the world and knowhow of the business world. We have qualified writers with skills who will write your admission paper through comprehensive research. All you have to do is provide us with little details about yourself, instructions and our writers will craft a perfect paper for you.

Editing

Editing and Proofreading

Mycoursewriter offers you assignment writing services free from grammatical and formatting mistakes. An error-free paper is significant in scoring the desired maximum grades. We have a team of editors who will go through your paper after our expert writers have delivered their fully crafted papers. Our writers will cover all the aspects of your paper instructions, such as fonts, spacing, and educational formats. Our team of editors will check through your paper to make sure it meets the formatting style provided in the paper instructions. Under no circumstances will a poorly formatted paper will be forwarded to you as our team of editors will ensure careful proofreading.

Coursework

Technical Papers

Assignment writing is part of a learning process, and one may not have the knowledge to answer all questions correctly. This should not be a stress to you as we have qualified essay writing experts to help you. Our qualified writers are holders of PhDs, Degrees, and Masters in different areas of study and can handle any papers regardless of the complexity. Multiple assignments may be challenging to finish on time. Our skilled professional writers are here to assist you in crafting all the correct answers for your assignment. Stop stressing about your homework writing and place an order with us, and our expert writers will provide you with the best assignment help.