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UNIVERSITY OF NEW HAMPSHIRE DURHAM ONLY STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS SCHEDULE OF REVENUES, EXPENSES, AND TRANSFERS FOR THE YEAR ENDED JUNE 30, 2009, Fund Title GENERAL

How to fill out statement of revenues expenses

How to fill out statement of revenues expenses:

1. Gather all relevant financial information: Before filling out the statement of revenues and expenses, gather all the necessary financial information. This includes all records of income and expenses incurred during the specific time period for which the statement is being prepared.
2. Identify the relevant time period: Determine the specific time period for which you need to prepare the statement of revenues and expenses. It could be a monthly, quarterly, or annual statement, depending on your requirements or business practices.
3. Separate revenues from expenses: Differentiate between revenues and expenses. Revenues are the income generated by the business, while expenses are the costs incurred to run the business. Ensure that you accurately identify and categorize each item into its respective section.
4. List revenues: Start by listing all the revenues earned during the specified time period. This may include sales revenues, service fees, rental income, or any other income sources. Be sure to document the amount and the source of each revenue accurately.
5. Categorize expenses: After recording revenues, categorize and list all the expenses incurred by the business. Common expense categories may include salaries and wages, rent, utilities, marketing expenses, office supplies, and other operational costs. Assign each expense to the appropriate category.
6. Calculate net income: Once you have listed all the revenues and expenses, calculate the net income. This is done by subtracting the total expenses from the total revenues. If the result is a positive value, it indicates a net profit, whereas a negative value represents a net loss.
7. Prepare supporting documentation: While filling out the statement of revenues and expenses, ensure that you have supporting documentation for each item. This could include invoices, receipts, bank statements, or any other relevant documents. Keeping accurate records will benefit you during audits or financial analysis.

Who needs statement of revenues expenses:

1. Business owners: Business owners require statements of revenues and expenses to gain insights into their company's financial performance. Tracking revenues and expenses helps them make informed decisions, identify areas for improvement, and measure profitability.
2. Investors and lenders: Investors and lenders often analyze statements of revenues and expenses to assess the financial viability and stability of a business. These statements help them evaluate the potential return on investment and determine the business's ability to repay borrowed funds.
3. Regulatory authorities: Different regulatory authorities may require businesses to submit statements of revenues and expenses for compliance and reporting purposes. These statements provide transparency and accountability in financial reporting, ensuring businesses adhere to relevant regulations and guidelines.
4. Tax authorities: Entrepreneurs and business owners also need statements of revenues and expenses to accurately report their taxable income. These statements serve as a basis for calculating taxable profits and determining tax liabilities.

In conclusion, filling out a statement of revenues and expenses involves gathering financial information, separating revenues from expenses, listing all income and costs, calculating net income, and preparing supporting documents. Various stakeholders, including business owners, investors, regulatory authorities, and tax authorities, require statements of revenues and expenses for different purposes.

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What is statement of revenues expenses?

Statement of revenues expenses is a financial document that shows the income and expenses of a business during a specific period of time.

Who is required to file statement of revenues expenses?

Businesses, corporations, and other entities are required to file statement of revenues expenses.

How to fill out statement of revenues expenses?

To fill out a statement of revenues expenses, you need to gather all income and expense information for the specific period, list them accordingly, and calculate the total.

What is the purpose of statement of revenues expenses?

The purpose of a statement of revenues expenses is to show the financial performance of a business and determine profitability.

What information must be reported on statement of revenues expenses?

Information such as income, expenses, net income, and profit or loss must be reported on a statement of revenues expenses.