Financial information related
Financial information related to Uddler Products Company aproprietorship for the month ended April 30, 2019, is as follows:
Net Income for April: $166,000
Marks Kominskys withdrawals during April $25,000
Marks Kominskys capital m, April 1,2019 : $384,500
1. Why is the statement of owners equity prepared before theApril 30,2019, balance sheet?
The statement of owners equity is prepared before the April30, 2019, balance sheet is because the ________ account balance isneeded for the balance sheet.
Answer:
Answer:-
1 ):-
The statement of owners equity is prepared before the April 30,2019, balance sheet is because the Capital account balance isneeded for the balance sheet.
Reason:-
- Shutting parity of capital or heldprofit or Owner’s value is required for monetary recordcoordinating .
- Bookkeeping condition of advantagesbreak even with liabilities and proprietor’s value won’t besubstantial until proprietor’s value balance is found out , andthat balance is determined just by planning proclamation ofproprietor’s value .
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