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WORKSHEET
WORKSHEET (STEPS)
CLASSIFIED BALANCE SHEET
100
Is a worksheet a financial statement?
No
100
What is the first step in preparing a worksheet?
Write the heading. (who, what, when)
100
What are current assets?
cash or other assets that can be converted into cash.
200
What can a worksheet be used to calculate?
Net income/Net loss
200
What do we do with the balances on the general ledger?
Put the balances on the worksheet depending on whether is it debit or credit.
200
What two groups is liabilities divided into?
current and long-term
300
When do you fill out a worksheet?
when a fiscal period is over.
300
What column do you transfer the revenue and expense into?
Income statement.
300
Give examples of current assets.
Cash, Accounts receivable, Prepaid expenses ..
400
Why do we need a worksheet?
Used to put data in a organized form to prepare financial statements.
400
Where is expenses suppose to be on? Debit or Credit
Debit.
400
give examples of current liabilities.
Bank Loan, Accounts Payable ..
500
Worksheets are completed from.. ?
Left to right
500
What do you do after your done calculating everything?
Double Underline.
500
Long term liabilities are liabilities that are not ..
paid for more than a year.