Amounts from the trial balance section are first extended to the balance sheet section?
true or false?
thanks
2007-10-03 16:13:57 · 5 answers · asked by luckyplaya23 2 in Business & Finance ➔ Other - Business & Finance
False. After all adjusted trial balance amounts have been extended to the appropriate financial statement columns, the income statement columns are subtotaled first, to arrive at net income or loss, which is then entered into the balance sheet column to help balance it.
The site below under A WORKSHEET APPROACH should clarify matters.
2007-10-03 19:42:19 · answer #1 · answered by Sandy 7 · 0⤊ 0⤋
amount from the trial balance section are first extended to the income statement.
2007-10-06 21:34:58 · answer #2 · answered by Dsalah s 3 · 0⤊ 0⤋
false. you'll have to extend the income statement accounts first to arrive at net income. after that you can proceed to close the accounts to b/s.
2007-10-03 23:09:45 · answer #3 · answered by Groggy G 3 · 0⤊ 0⤋
They are each fake. a million) Retained gains account is the steadiness seeing that the inception of the trade, now not simply the present yr. two) Balance sheet debts most effective indicates BALANCE, now not recreation.
2016-09-05 17:05:08 · answer #4 · answered by zeitz 4 · 0⤊ 0⤋
TRUE
2007-10-03 16:18:35 · answer #5 · answered by bhrigz_07 2 · 0⤊ 0⤋