The following are sample balance sheet (statement of financial position), income statement, and statement of changes in owner’s equity for an individual or sole proprietorship business. These sample financial statements are actually the ones we have discussed and prepared in our … [Read more...]
How to Make a Statement of Changes in Owner’s Equity
The statement of changes in owner’s equity is a separate component of financial statements for a sole or single proprietorship business. It presents how the capital shown in the balance sheet equity section changes over a period of time. It also shows the effects on the capital … [Read more...]
How to Prepare an Income Statement
If you own a business or providing professional services, you need to know if you are making profit or incurring loss. You need to take a look if your business is generating more revenues than your total expenses. This financial information is found on the income statement. The … [Read more...]
How to Prepare a Balance Sheet (Statement of Financial Position)
The balance sheet or the statement of financial position is one of the major components of financial statements, which include the income statement, statement of cash flow, statement of changes in equity and the notes to financial statements. The balance sheet gives readers of … [Read more...]
How to Prepare an Adjusted Trial Balance
The trial balance is an internal report, listing all the account titles and their balances from the general ledger. It is prepared at the end of accounting period to check errors in the accounting cycles, which include identifying transactions, analyzing them, recording journal … [Read more...]
Who are the Richest People in the World in 2012?
In its 25th Anniversary of tracking and compiling the list of billionaires on our planet since 1987, Forbes has once again published this year’s authoritative list of the richest people in the world. This year’s list was an all time high with 1,226 billionaires counted in for a … [Read more...]
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