Ace If Revenues Exceed Expenses For The Accounting Period

If this happens the business should try to agree an overdraft with the bank and do whatever they can to maximise their profits and minimise their expenses. Expenses are recorded in the same period as the revenues to which they are related Revenue Recognition Principle revenues are recorded when earned regardless of the time payment is received. When there is a Net Loss the balance in retained earnings will decrease.

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If revenues exceed expenses for the accounting period. Purchases office equipment on account for 10000 the accounting equation will change to Assets Liabilties Stockholders Equity 90000 60000 30000 100000 60000 40000 100000 50000 50000. Ad Managing your expenses has never been easier. Will have a debit balance prior to closing.

Formula for ending retained earnings. When revenues exceed expenses the company has a net profit. Will have a lower balance after closing b.

Will have a credit balance prior to closing b. The affected accounts include accounts payable. This loss is transferred to the retained earnings which causes a decrease in the retained earnings balance.

Businesses that have a net loss dont necessarily go bankrupt because they may opt to use their retained earnings or loans to stay afloat. If expenses exceed revenue it will mean the business is making a loss. The accounting equation for Doug Corp.

Save time with fully integrated software that works for employees managers accountants. Will have a debit balance after closing. Which of the following items is most likely to result in an accrued liability.

Will have a higher balance after to closing. Will have a higher balance after to closing. Will have a debit balance prior to closing.

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