Financial Accounting Costa Company Income Statement Revenue COGS Gross Profit less Depreciation Expense Insurance Marketing Misc Exp Property Taxes Rent Salaries Utilities Operating Expenses Net Income Balance Sheet Assets Cash Accounts Receivable Inventory Equipment Total Assets Liabilities Accounts Payable Long-Term Debt Total Liabilities Shareholders' Equity Common Stock Paid-In Capital Retained Earnings Total Equity Total L&SE With these two statements, there are two adjustments that have been requested. The $12,000 check cannot be processed yet. The sale needs to be recorded. The problem is that the sale will include inventories that moved, but without knowing what inventories were moved and what the markup would be,

Instructional Plan Income Statement This instructional paper will consist of detailed instructions for preparing a simple income statement. The paper will be designed to meet the specific needs of my client (a female shoe store owner) who requires instruction in completing the income statement for her small business. As such, the instructions will be geared at the client's level of expertise in the area of accounting, and will focus largely on

Accounting Process and Financial Statements. A reliable internal system of accounting is an essential element of a solvent profit or nonprofit business entity. By recording virtually every business activity or endeavor, with regards to the creation of monetary inflows of sales revenue and monetary outflows of expenses resulting from operating activities; an accounting system should provide the financial information needed to evaluate the profitability or effectiveness of past and operations.

The balance sheet presents the three elements of financial position namely, assets, liabilities and equity. The balance sheet highlights the accounting equation which provides: Assets = Liabilities + Equity. In a balance sheet presentation, assets and liabilities are further classified into current and non-current to distinguish those used directly for operations as to those for long-term usage. An income statement is a formal statement prepared for a given period

Accounting Qualitative Characteristics of Financial Statements There are four principal qualitative characteristics that make the information provided in financial statements useful to users. These are understandability, relevance, reliability and comparability. The first section of this paper will be dedicated to explaining each of these concepts and how they relate to making financial statements more valuable for the audience. The first principal qualitative characteristic is understandability. This relates not only to the information but

Accounting Practices Depending on the type and size of a particular health care facility, the generally accepted accounting principles (GAAP) used to conduct medical accounting can vary greatly, and these differences may have significant impact on the eventual delivery of medical services. According to the Financial Accounting Standards Board's (FASB) Accounting Standards Codification, which is "the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be