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Order in which statements have to be completed
I have to do a classified income statement, statement of owner's equity, balance sheet, and then determine the amt of working capital and the current ratio. What do I have to start with? Do I need to do a trial balance first?
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Yes, you'd have to have a trial balance, or at least some kind of list of all the accounts and their balances. For a problem, they could list this any old way. (Alphabetically, randomly, whatever.) You obviously can't make any financial statements if you don't have numbers to work with.
It would help to know what level you're at. Even though all of these statements simply are what they are, how many components they have and how detailed they get will depend on how far along you are. Most textbooks introduce classified statements around the merchandising chapter. Here are some examples from around that level, but without knowing where you're at, I don't know if they're appropriate. You can see if these are similar to the information you have, and then ask more questions as necessary. Multiple-Step Income Statement | AccountingCoach.com Sample Balance Sheet | AccountingCoach.com (If you're just learning classified statements, that balance sheet may be a bit more complicated than what you need. Just leave out whatever you don't have. It's also for a corporation. The ending capital balance from the Stmt of OE would go in that spot.) They don't have one for Statement of Owner's Equity, but it's basically just beginning balance, plus any additional investments, plus net income (from income statement), less withdrawals, equals ending balance. Surely you also have examples of these in your book? |
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