Financial Statements have to be prepared in the following order: Income Statement, Statement of Owner’s Equity, Balance Sheet.

Cash, Supplies and Accounts Receivable are all asset accounts.

Which of the following accounts would be found on the Balance Sheet:

In order to find the annual depreciation of a fixed asset using Straight Line Depreciation, an accountant needs to have the initial cost of the fixed asset, the expected useful life, and the estimated residual value.

Download, complete and submit the following problem in the Excel template provided.   All information (transactions, problem instructions, etc.) are found in the Excel template. Accounting Test 5 Problems Template

Fees Earned and Sales are liability accounts.

Assets that last less than a year are called:

Fees Earned and Sales are liability accounts.

Cash, Supplies and Accounts Receivable are all asset accounts.

Assets that last less than a year are called: