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[DOC File]Exercise 5 - Leo Isaac
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Profit and Loss Statement, and the . Balance Sheet. Table 1 Your Information. Canteen Sales $20,000, Telephones $3,500, Wages $55,000, Insurance Costs $5,000, Sponsorship Receipts $5,000, Membership Fees $75,000, Facility Maintenance $10,000, Participant Fees $15,000, Canteen Purchases $15,000, Rates $4,000, Electricity $7,500 Task 1. Profit and Loss Statement Income Total Income …
balance sheet vs profit loss

[DOC File]CHAPTER 2
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A year-to-date profit-and-loss (P&L) statement and balance sheet. 4. A business credit report on corporations and "S" corporations. C. Analyzing Income. The lender must establish the borrower's earnings trend over the previous two years but may average the income over three years, if all three years' tax returns are provided. If the borrower provides quarterly tax returns, the analysis can ...
p&l and balance sheet

[DOC File]CHAPTER 2
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Profit and Loss (P&L) Statements and Balance Sheets---These documents are not required on mortgages rated “accept/approve” by FHA’s Mortgage Scorecard provided that the income used in qualifying was based on the previous two years’ tax returns. However, if income used to qualify the borrower exceeds that of the two-year average based on tax returns, then either an audited P&L statement ...
examples of a balance sheet

[DOC File]Concepts and Principles of Accounting
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The P/L statement is - after the balance sheet - the second basic financial statement that must be obligatory compiled to the date of accounting shutter (so called financial statements compilation date). It is necessary to differentiate terms costs versus expenditures and revenues versus incomes. Expenditure is a decrease of money. Income is an increase of money. Incomes and expenditures are ...
profit and loss statement and balance sheet

Balance sheet and p l statement