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This document consists of the balance sheet and income statement of OJSC 'VolgaTelecom', detailing the assets, liabilities, equity, revenue, and expenses for the specified periods.

How to fill out balance sheet income statement

How to fill out BALANCE SHEET & INCOME STATEMENT

1. Gather all financial information, including assets, liabilities, and equity for the balance sheet.
2. List all assets in order of liquidity, starting with cash and cash equivalents.
3. Document all liabilities, categorizing them into current and long-term obligations.
4. Calculate total assets and total liabilities, and determine equity by subtracting total liabilities from total assets.
5. For the income statement, collect revenue and expense data for the specific period.
6. List all revenue sources at the top, totaling them at the end.
7. Catalog all expenses associated with generating revenue, including cost of goods sold and operating expenses.
8. Subtract total expenses from total revenue to calculate net income or loss.

Who needs BALANCE SHEET & INCOME STATEMENT?

1. Business owners to assess the financial health of their company.
2. Investors to evaluate potential investment opportunities.
3. Creditors to determine creditworthiness before providing loans.
4. Regulatory authorities for compliance with financial reporting requirements.
5. Management teams for strategic planning and decision-making.

People Also Ask about

What is the balance sheet and income statement?

What's Reported: A balance sheet reports assets, liabilities and equity. An income statement reports revenue and expenses. What They're Used For: A balance sheet is most often used by a company to see if it has enough assets to satisfy its financial obligations.

Which comes first, balance sheet or income statement?

The income statement or Profit and Loss (P&L) comes first. This is the document where the income or revenue the business took in over a specific time frame is shown alongside expenses that were paid out and subtracted.

What are the 5 basic types of accounts?

The 5 primary account categories are assets, liabilities, equity, expenses, and income (revenue) Once you understand how debits and credits affect the above accounts, it's easier to determine where to place your sub-accounts.

How to prepare an income statement and a balance sheet?

How to prepare an income statement Choose your reporting period. First, choose the length of your reporting period. Determine your trial balance. Determine revenue. Calculate the cost of goods sold. Determine gross profit. Determine expenses. Calculate total income. Determine taxes and interest.

For pdfFiller’s FAQs

What is BALANCE SHEET & INCOME STATEMENT?

A balance sheet is a financial statement that summarizes a company's assets, liabilities, and equity at a specific point in time, reflecting its financial position. An income statement, also known as a profit and loss statement, summarizes the revenues and expenses over a period, showing the company's profitability.

Who is required to file BALANCE SHEET & INCOME STATEMENT?

Generally, publicly traded companies, large private companies, and certain types of nonprofits are required to file balance sheets and income statements as part of their financial reporting obligations. Depending on jurisdiction, small businesses might also need to file these statements for tax purposes.

How to fill out BALANCE SHEET & INCOME STATEMENT?

To fill out a balance sheet, list assets on one side and liabilities plus equity on the other side, ensuring that both sides balance. For the income statement, list revenues at the top, followed by expenses, and calculate net income by subtracting total expenses from total revenues.

What is the purpose of BALANCE SHEET & INCOME STATEMENT?

The purpose of a balance sheet is to provide a snapshot of a company's financial position at a specific date, while the income statement shows the company’s performance over a period, detailing how much money it made or lost.

What information must be reported on BALANCE SHEET & INCOME STATEMENT?

A balance sheet must report assets (current and non-current), liabilities (current and long-term), and equity. An income statement must report revenues, cost of goods sold (COGS), gross profit, operating expenses, other income and expenses, and net income.