Free Math Worksheets
Free Math Worksheets
Free Math Worksheets is free HD wallpaper. This wallpaper was upload at June 13, 2019 upload by berkah in Worksheet.
hello associated we 10d tolcome to the session this can be prof Farhad during this session we're planning to check up on how to prepare a worksheet therefore basically what's a worksheet a worksheet is a multi column kind employed in making ready financial statements what is the multi column kind primarily it may be a type that have multiple columns and we're going to see one in Associate in Nursing exceedinglyction that's getting to facilitate North American nation illustrate the purpose the worksheet isn't a part of the permanent accounting record basically it could be a tool which will that we USe to assist US prepare our financial plan a worksheet could also be processed worksheet mistreatment electronic program like surpass or some people or some firms some little businesses they still use AN actual worksheet with that actual sheet and a pencil but usually speaking most most firms now even small corporations use some type of an accounting software system it's prepared employing a 5-step process and we're gonna see why it's referred to as five steps and also the use of a word kit as I told you is a tool and therefore if it is a tool it's elective so you don't so it isn't part that you just have to be compelled to show to the external users basically the company used the worksheet and also the background to assist them prepare their money statement and what you see on front of you is a worksheet using stand out basically this can be an stand out file and as you'll tell there's series of columns then it's to be a lot of specific we decision this the ten column worksheet why thank column you are gonna see we have ten column it is a ten column worksheet and remember we aforesaid it's a 5 step process and it we're gonna look into why it's referred to as five step the first step prepare a shot balance on the worksheet this can be the first step so this is the unadjusted worksheet the unadjusted it hasn't no numbers has been adjusted then you've got another two columns for the adjustments a debit column and a credit column for the adjustment the system to then really prepare your adjustments you extend it to the adjusted balance or the ultimate balance this can be step 3 step four in extend adjustment balances that the appropriate statement columns so for instance the incomes under the operating statement column you have got a debit and a credit and every one the connected debit balances goes to the operating statement column like like expenses within the revenues that our credit goes to the credit balance and you've got a record column that has debit column and credit column and all the balance sheet and dividend all the record account and dividend merely put everything that doesn't maintain the profit-and-loss statement goes beneath the record you're gonna say well dividend did not you tell us it isn't a record account it's not a balance sheet account but for the aim of the worksheet it's gonna go under the record comma okay and we're gonna see how it works as a result of under the earnings report we're gonna be able to reckon net profit or net loss we'll see this in a moment so this is let's scrutinize an actual balance this is an endeavor balance and this is often we're beginning with those figures and in the planet this is often what would happen within the world if you work in a accountant firm the business that you are operating for will give you simply an effort balance and it'll be unadjusted because all what they did is that they unbroken track of older
balances and they give you this worksheet then you have got to complete the adjustments fully I simply altered balance prepare the money statements from the income statement and conjointly the record column associated this is what you ar giving and hopefully if you're following my course Associate in Nursingd if you're looking at this course you must recognize where these balances ar returning from those are the balances that we 10d to computed in previous lecture thus those square measure the unadjusted balance --is then from the unadjusted balance is also if you bear in mind from the prior session we prepare the changes are you speech communication why do not we reconsider these changes we prepare all these adjustments go back to the course and view those adjustments if you are interested therefore adjusted supplies prepaid we have a tendency to book depreciation we tend to adjust AN unearned revenue we have a tendency to we tend to increased revenues we have a tendency to increased expenses those are the changes then once we've the changes what we tend to do is we tend to we tend to associate degreed put the adjustments all on this worksheet as an example adjustment a provides used we have a tendency to credit supplies we tend to credit provides below the credit card and now we have a tendency to're operating beneath the adjustment column we have a tendency to're operating below the adjustment column we credit the provides and that we have a tendency to debited supplies expense this can be the for provides for B it's insurance expired we credited postpaid insurance and that we tend to debited insurance expense that's the adjustment adjustment C it's for depreciation expense we debited depreciation expense and we credited accumulated depreciation group action D service revenue recognized we have a tendency to debited a we credited an we credited service revenue and that we debited unearned revenue thus on and then forth so those are the changes that we prepared within the previous chapter so basically what it is we're inputting of these changes and see you'll be able to see all of them on identical page currently after clearly once you prepare your adjustments you're gonna get to the adjusted balance column the adjusted balance column what would you see there you'd see be adjusted ranges the adjusted number and notice notice that the balance the balance total debits equal total credits the adjustments total debits equal total credits as a result of for each debit we want the corresponding credit and under the adjusted balance we want also to own a balance as a result of it's an adjusted balance it should balance now how will we prepare the adjusted trial balance we'll take our starting balances beneath the balance either add or cipher whatever the situation is add or figure the changes then get to the adjusted balance for example money there was no changes there for cash transfer as 15200 provides we credited supplies basically crediting an plus would cut back the acid so the ending balance is a thousand so we started with two thousand 5 hundred minus fifteen hundred because it is an quality prepaid the same issue we started with six hundred minus fifty unearned revenue we started with one thousand two hundred minus four hundred as a result of it's it's a liability and we debited the liability so the ending balance is eight hundred notice accounts collectible is an equivalent was not adjusted notes collectable wasn't adjusted they are the same stock wasn't adjusted it's the same dividend not adjusted is the same service revenue we started with ten thousand then it's a credit the credit for revenue is an increase we attributable revenue and we credited revenue again D and E both credited revenue therefore the ending balances ten thousand six hundred so basically what you do is you're taking the beginning balance if it's an expense and you debit an expense and expense increase that's your ending balance okay and
preparing the worksheet explain to Susan how she should extend the following adjust the trial balance accounts to the financial statement column so basically you're gonna tell show Susan would with cash go the adjusted cash balance go well cash goes it's a balance sheet account and cash is an asset therefore it's a balance sheet and it's a debit column because it's an asset acuity depreciation is a balance sheet account but it's a credit column because it's a contra asset accounts payable is a balance sheet account but it's a credit column because it's a liability dividend now dividend it goes under the balance sheet column but it's not a balance sheet account and it has a debit column remember dividend this is a retained earning accounts who goes on the retained earnings statement service revenue revenue goes under the income statement and revenue takes a credit and wages expense expenses goes on the income statement and they take a debit so hopefully by this exercise you would kind of reinforce what you have learned in this session if you have any questions any comments by all means email me or see me in class make sure to study
you complete the total issue now after you've got your adjusted balance you area unit prepared currently to finish your operating statement and balance sheet columns thus obviously what goes on to the earnings report column the the financial statement accounts what area unit the financial statement account revenues and expenses thus revenues and expenses goes under the operating statement let me highlight them therefore you've got revenues and expenses use caution tho' there is entailed thusme assets and liabilities here that's why I highlighted revenues and expenses it mustn't be like this expenses should be all the means at rock bottom but that is okay therefore all the revenues and expenses square measure transferred to the revenues and expenses column okay thus notice those square measure the revenues and expenses revenues and expenses the revenues and expenses at this point we tend to add up the full debits and total credits on the revenues and expenses so let's act and do thus therefore the total credit and the total debit they don't adequate each other well well as a result of our revenues is not adequate our expenses if that's the case then we do not have a profit and that we do not have a loss here we have more credits than debits and a lot of credits means that we have more revenues than expenses it suggests that we've got a net thus notice this variety here 2860 is profit we put profit underneath the debit column of the earnings report because once we add the debit and net profit the debit column and cyberspace income it ought to adequate to our revenue as a result of the expenses plus the profit equal to the revenue as a result of revenues minus expenses adequate to profit okay thus revenues minus expenses capable profit well or we can say revenue up to revenue equal capable expenses plus profit therefore he gets this is often were locution revenue adequate expenses plus profit okay therefore thus we've ten thousand 600 currently additionally you transfer all the record account which are which are assets liabilities and dividend that is here you're oral communication dividend is not a record account affirmative it's not a record account except for the aim of the worksheet you may transfer that account to the record column okay so all the assets cash supplies postpaid therefore on so forth are transferred to the record now under the record also after you add up the debits and therefore the credits they're going to not up to one another however what you do if you've got a net profit you will take cyber web income and you transfer earnings to the credit column of the of the worksheet and why the credit column as a result of if it's a lucre it's gonna increase your equity the equity is are listed below the credit column therefore once you are doing so then you add up the debit column and also the credit column and they would adequate to each other now if it's if it is a loss if it is a loss if it is a loss the loss will go beneath the debit column of the worksheet and
the credit column of the financial statement thus if we have a tendency to had the loss if the company had a loss and what does a loss mean loss means that you have got a lot of expenses than revenues if he had a loss a loss goes under the debit column here i am thusrry under the credit column under the profit-and-loss statement and it goes beneath the debit column of the worksheet this way the worksheet would then balance within balance this can be basically a completed worksheet earnings on the worksheet a profit is shown on the worksheet wherever statement debit column affirmative record debit column no not the record debit column no if it's a web loss if it's a internet loss it'll show on the record debit column operating statement credit column no this can be if we've got a net loss profit-and-loss statement debit column yes in balance sheet credit column conjointly yes therefore check that to browse all of your answers before you answer an issue okay thus that's wherever the net income goes and this can be what it's showing here notice here it shows underneath here and here says what we're speech statement part the income statement is prepared from the profit-and-loss statement column clearly the record and retained earnings statements area unit prepared from the balance sheet column obviously and this is the profit-and-loss statement the name of the company the name of the statement and therefore the date bear in mind the date is for a period of your time for the earnings report revenues minus expenses gives United States of America that income and this can be a review we went over this preserved earnings keep in mind the day is for a amount of time a bit like the income statement beginning maintained earnings plus lucre minus dividend gives you ending preserved earnings in net coming back from the income statement on the balance sheet remember the balance sheet is a purpose in time which is one one date we've assets listed then liabilities with North American country them total them then below equity we've got ordinary shares and maintained earnings total them liabilities plus equity ought to be adequate to the assets this is often what the balance sheet is let's take a look at this exercise real fast to visualize how it works so Susan is
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