Balance Sheet Income Statement Analysis Reports
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Balance Sheet Accounting: Financial Statement Income Statement Of Companies
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When trial balance is prepared, information related to all accounting activities and transaction can be viewed with just one core statement. It looks into subsidiary accounting books such as sales, purchase, cash, bank or any other accounting transaction. As part of this process, our accountants look into cash flow statements, income statement, and balance sheet and look into maintenance of general ledger, wherein every ledger account required to present a proper financial report is checked. In the process of analyzing cash flow statements, income statement, balance sheet and various ledgers, if any inconsistencies are observed in your existing trial balance, it will be reconciled and based on this activity a proper trial balance will be made. Our trial balance accounting experts help you to understand regarding ‘is a trial balance a financial statement’, trial balance vs adjusted trial balance preparation, annual statement of accounts & so on.
Balance Sheet Financial Statement: Preparing Balance Sheet
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Balance Sheet Statement: Income Statement Services--Hire
The income statement can be prepared in one of two methods. The Single Step income statement takes a simpler approach, totaling revenues and subtracting expenses to find the bottom line. The more complex Multi-Step income statement (as the name implies) takes several steps to find the bottom line, starting with the gross profit. It then calculates operating expenses and, when deducted from the gross profit, yields income from operations. Adding to income from operations is the difference of other revenues and other expenses. When combined with income from operations, this yields income before taxes. The final step is to deduct taxes, which finally produces the net income for the period measured. Income statements should help investors and creditors determine the past financial performance of the enterprise, predict future performance, and assess the capability of generating future cash flows through report of the income and expenses. However, information of an income statement has several limitations: Items that might be relevant but cannot be reliably measured are not reported (e.g., brand recognition and loyalty); Some numbers depend on accounting methods used (e.g., using FIFO or LIFO accounting to measure inventory level); Some numbers depend on judgments and estimates (e.g., depreciation expense depends on estimated useful life and salvage value).
If applicable to the business, summary values for the following items should be included in the income statement: Operating section: 1) Revenue - Cash inflows or other enhancements of assets of an entity during a period from delivering or producing goods, rendering services, or other activities that constitute the entity's ongoing major operations. It is usually presented as sales minus sales discounts, returns, and allowances. Every time a business sells a product or performs a service, it obtains revenue. This often is referred to as gross revenue or sales revenue. 2) Expenses - Cash outflows or other using-up of assets or incurrence of liabilities during a period from delivering or producing goods, rendering services, or carrying out other activities that constitute the entity's ongoing major operations. 3) Cost of Goods Sold (COGS) / Cost of Sales - represents the direct costs attributable to goods produced and sold by a business (manufacturing or merchandizing). It includes material costs, direct labor, and overhead costs (as in absorption costing), and excludes operating costs (period costs) such as selling, administrative, advertising or R&D, etc. 4) Selling, General and Administrative expenses (SG&A or SGA) - consist of the combined payroll costs. SGA is usually understood as a major portion of non-production related costs, in contrast to production costs such as direct labor. 5) Selling expenses - represent expenses needed to sell products (e.g., salaries of sales people, commissions and travel expenses, advertising, freight, shipping, depreciation of sales store buildings and equipment, etc.). 6) General and Administrative (G&A) expenses - represent expenses to manage the business (salaries of officers / executives, legal and professional fees, utilities, insurance, depreciation of office building and equipment, office rents, office supplies, etc.). 7) Depreciation / Amortization - the charge with respect to fixed assets / intangible assets that have been capitalized on the balance sheet for a specific (accounting) period. It is a systematic and rational allocation of cost rather than the recognition of market value decrement. 8) Research & Development (R&D) expenses - represent expenses included in research and development. 9) Expenses recognized in the income statement should be analyzed either by nature (raw materials, transport costs, staffing costs, depreciation, employee benefit etc.) or by function (cost of sales, selling, administrative, etc.). If an entity categorizes by function, then additional information on the nature of expenses, at least, – depreciation, amortization and employee benefits expense – must be disclosed. The major exclusive of costs of goods sold, are classified as operating expenses. These represent the resources expended, except for inventory purchases, in generating the revenue for the period. Expenses often are divided into two broad sub classifications selling expenses and administrative expenses.
Non-operating section: 1) Other revenues or gains - revenues and gains from other than primary business activities (e.g., rent, income from patents, goodwill). It also includes unusual gains that are either unusual or infrequent, but not both (e.g., gain from sale of securities or gain from disposal of fixed assets). 2) Other expenses or losses - expenses or losses not related to primary business operations, (e.g., foreign exchange loss). 3) Finance costs - costs of borrowing from various creditors (e.g., interest expenses, bank charges). 4) Income tax expense - sum of the amount of tax payable to tax authorities in the current reporting period (current tax liabilities/ tax payable) and the amount of deferred tax liabilities (or assets). 5) Irregular items: They are reported separately because this way users can better predict future cash flows - irregular items most likely will not recur. These are reported net of taxes. 6) Discontinued operations is the most common type of irregular items. Shifting business location(s), stopping production temporarily, or changes due to technological improvement do not qualify as discontinued operations. Discontinued operations must be shown separately.
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