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Notes to the balance sheet and income
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Notes to the balance sheet and income statement


Date:24.08.2016, 03:36 The methods a company opts to use for both depreciation expense and inventory valuation can cause wild fluctuations in the amount of assets shown on the balance sheet and the amount of net income (loss) shown on the income. Current liabilities include loans payable that will be due within one year of the balance sheet date, the current portion of long-term debt, accounts payable, income taxes payable and liabilities for accrued expenses. The income statement accounts are temporary accounts because their balances will be closed at the end of each accounting year to the stockholders' equity account Retained Earnings. (The balances in a sole proprietorship's income statement accounts will be closed.
Notes to the balance sheet and income statement


Notes to the balance sheet and income statement Notes to the balance sheet and income statement


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