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    NudgieNemo85's Avatar
    NudgieNemo85 Posts: 1, Reputation: 1
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    #1

    Sep 16, 2004, 06:49 AM
    Classified Balance Sheet
    I have I question regarding classified balance sheets.
    If expenses and revenue are listed and I have to create a classified balance sheet with those items above, assets, liabilities, and stockholders equity, how would I incorporate the revenue and expenses??
    matrix's Avatar
    matrix Posts: 7, Reputation: 1
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    #2

    Sep 22, 2004, 09:36 PM
    Re: Classified Balance Sheet
    First thing you do is to prepare the income statement - Revenues less Expenses. Whatever the result either loss or income you close it to retained earnings. Remember to prepare a balance sheet income statement is the #1 requirement.
    danzer's Avatar
    danzer Posts: 1, Reputation: 1
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    #3

    Jul 12, 2007, 04:21 PM
    Quote Originally Posted by NudgieNemo85
    I have I question regarding classified balance sheets.
    If expenses and revenue are listed and I have to create a classified balance sheet with those items above, assets, liabilities, and stockholders equity, how would I incorporate the revenue and expenses? ???
    Even though the accounting equation and expenses/revenues are in related classified categories one is prepared in the balance sheet (accounting equation) and the other in the income statement (revenues and expenses. Hope this helps
    manik chand dey's Avatar
    manik chand dey Posts: 63, Reputation: 2
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    #4

    Dec 15, 2007, 02:23 AM
    In fact all expenses and incomes are incorporated into the balance sheet, showing the net effect of the transactions at the end of the reporting year as a net profit (added to the capital in B/S) or net loss(deducted from the capital in B/S).

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