NAME ______________________________
Date ________
Activity 2
PREPARING FINANCIAL STATEMENTS
Objectives :
1. Arrange the given items to prepare the Financial Statement
2. Prepare the Balance sheet and Income statement
Instruction :
Given is the balance of the books of FAR , Inc. for the period ending December 20X0
Prepare the Balance sheet and Income statement in proper format using the worksheet given
below .
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
Particulars
Sales person Salary expense
Depreciation Expense
Allowance for Bad debts
Plant and Equipment
Revenue
Cash
Payables
Cost of Good sold
Bad Debts expense
Long term Loan
Administrative Expense
Accumulated depreciation
Plant and equipment
Receivables
Goodwill
Capital
Inventory
Retained earnings
Amount
20
40
10
450
300
40
40
90
10
70
50
120
50
60
300
30
90
BALANCE SHEET WORKSHEET (20 PTS )
Asset
Liabilities
Owners Equity
INCOME STATEMENT WORKSHEET (10 PTS)