Question

I need to know how to do a balance sheet and an income statement for south shore medical clinic trial balance

Answer 1

Ans. The income statement states the profit or loss that the organisation make in that time. The trail balance of south shore medical clinic contains list of all of ledger accounts, the debit values are listed in debit side and credit column values are listed in credit side of trail balance.

The income statement should contain single column for amount first indicating the the total revenues received by the clinic and later below the total revenue write heading of Expenses and write every Expense incurred by clinic and total all expenses and difference the total revenue with total expenses we get Net income.

The Balance sheet of south shore medical clinic contains the Assets first indicating every value of asset that is first All current assets and next all non-current assets, similarly the liabilities include first current liabilities and next non current liabilities and at last the Net worth of clinic