Extend Columns Statement Of Work For Free

Under the Income Statement columns, the difference between the total of the debit column and the credit column is the amount of net income or net loss. If the total of the credit column is larger than the total of the debit column, it indicates a positive net income (revenues are greater than expenses).

The balance sheet is one of the three most important financial statements for business owners, and includes assets, liabilities and shareholder equity.

Balance Sheet Example As you will see, it starts with current assets, then non-current assets, and total assets. Below that are liabilities and stockholders' equity, which includes current liabilities, non-current liabilities, and finally shareholders' equity.

The income statement shows us three columns, the far-right column being the full year audited results, and the other two columns being six months for the period ended for the current year and the previous year in order to compare.

Income Statement account balances are extended to the income statement debit and credit columns of the work sheet. Account titles that will be extended in the income statement column are any expenses, sales, and income summary.

Terms in this set (100) The current ratio is more useful than working capital in comparing across companies or with industry averages. The balances of the equity accounts from the Adjusted Trial Balance of the end-of-period spreadsheet are extended to the Retained Earnings Statement columns.

The accounts which are extended to the income statement section are the revenue and expense accounts. 7. When the debit column total of the income statement section of the worksheet is greater than the credit column the difference is a net loss.