I need help trying to memorize these sheets. Does any one have any suggestions. I have another test on Monday, I can't afford to fail this class. Your HELP IS GREATLY APPRECIATED!!!!! The Balance Sheet, Income Statement, statement of Owners Equity, and the Trail Balance. I believe I have a good gripp on the trial balance sheet, but any advice is welcome.
2006-08-24 11:26:20 · 3 answers · asked by Karin P 2 in Education & Reference ➔ Higher Education (University +)
http://www.accountingcoach.com/online-accounting-course/08Xpg01.html
2006-08-25 09:23:18 · answer #1 · answered by boggs100 1 · 0⤊ 0⤋
Memorize the sheets? I'm not sure what you're asking.
A Trial Balance has all the General Ledger accounts plus their balances.
The Balance Sheet has all the assets balanced against liabilities plus equity.
Owner's equity shows beginning retained earnings + net income - dividends declared = closing retained earnings.
The Income statement shows revenues - expenses = net income.
Does that help?
2006-08-24 18:30:40 · answer #2 · answered by -j. 7 · 0⤊ 0⤋
I took this class last fall. I just did practice problems out of my book until I got the hang of it.
Here is some websites I found that have practice problems
2006-08-24 18:39:28 · answer #3 · answered by adeptkimberly 3 · 0⤊ 0⤋