Why have the accounts entered into the statement of profit or loss been removed from the trial

Question:

Why have the accounts entered into the statement of profit or loss been removed from the trial balance?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Frank Woods Business Accounting Volume 1

ISBN: 9781292084664

13th Edition

Authors: Alan Sangster, Frank Wood

See More Books

Question Posted: Mar 27, 2024 04:00 AM

See More Questions

Hazzizzi Ltd Trial balance as at March 31, 2023 Trade receivables 22,800,000 Trade payables 6,100,000 Provision for bad debt 7,600,000 Bank 2,100,000 Cash in hand 928,000 Petty cash 203,000 Interest...
Bukhary Enterprise has just completed his first year of trading selling tools equipment. He attempted to prepare a balance sheet from his trial balance before seeking expert as he having difficulty...
1.2.1 The format recommended by the International Financial Reporting Standards for the preparation of a statement of profit or loss and other comprehensive income calculates and shows the gross...
The probability that fewer than 35 people support theprivatization of Social Security A discrete random variable is given. Assume the probability of the random variable will be approximated using the...
On January 1, 2017, Chan Ltd., a public company, purchased $600,000 of five-year, 4% bonds at par from Pullen Corporation. Interest is received semi-annually on July 1 and January 1. Chan purchased...
During contract negotiations, the faculty union representing the professors at Springfield State University, a public university located in Springfield, Ohio, presented the school administration with...
A company generates net income of $250,000. REQUIRED: For each transaction above indicate the following: a. The accounts within the stockholders equity section that would be affected. b. Whether...
Anasazi Earth Clothing is a retail store specializing in womens clothing. The store has established a liberal return policy for the holiday season in order to encourage gift purchases. Any item...
What macroeconomic factors can best forecast stock returns
Why do you think it is that the statement of financial position is not part of the double entry system?
Extract a statement of profit or loss for the year ending 30 June 2016 for G. Graham. The trial balance as at 30 June 2016 after his first year of trading was as follows: Inventory at 30 June 2016...
Repeat the steps in Figure 17.5 if host B in LAN1 sends a frame to host C in the same LAN. Figure 17.5 Figure 17.5 Loop problem in a learning switch a. Station A sends a frame to station D b. Both...
Identify whether the following statements are true or false: a. U.S. GAAP is universally accepted in all countries in the world. b. U.S. GAAP is established by the IASB. c. Once established, U.S....
Determine the missing amount in each of the following cases: Assets Liabilities $190,000 $62,000 ? $53,000 $115,000 ? Stockholders' Equity ? $31,000 $61,000
For the following four unrelated situations, A through D, calculate the unknown amounts appearing in each column: A B C Beginning Assets. $45,000 $32,000 $53,000 ? Liabilities.. 32,000 15,000 49,000...
On December 31, Greg Jones completed his first year as a financial planner. The following data are available from his accounting records: a. Compute Greg's net income for the year just ended using...
The Benson Company has collected the following production cost data: {Required:} What would be the incremental production costs for an additional 10 units after the Benson Company has produced 8...
Chemicals in the water: Refer to Exercise 4. a. How many degrees of freedom are there for SST?? For SSE? b. Compute MS Tr and MSE. c. Compute the value of the test statistic for testing the null...
Proposals have been made to ?sail? spacecraft to the outer solar system using the pressure of sunlight, or even to propel interstellar spacecraft with high-powered, Earth-based lasers. Sailing...
How do warehouses and distribution centers differ? What is cross-docking and why might a company choose to cross-dock a product? What kinds of products can be delivered electronically? What kinds...
Strawberry Inc. has historically been an all-equity firm. The analyst expects EBIT to be $1.5B in perpetuity starting one year from now. The cost of equity for the company is 11.5% and the tax rate...
Guzman company received a 60- day, 5 % note for 54,000 dated July 12 from a customer on account. Determine the due date on note. Determine the maturity value of the note and journalize the entry of...

Why have the accounts entered into the statement of profit or loss been removed from the trial

Question:

Step by Step Answer:

All these accounts should have been closedu...View the full answer

Frank Woods Business Accounting Volume 1

Students also viewed these Business questions