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what is the difference between stock of supplies and stock as on 31 May in the example above?
What is an equity?
in using the format above to consider the current asset before the non- asset. if it officially accepted?
Prepaid rent not current liabilities , it's a current asset
Yes, this is not correct
i don't understand the relationship between assets and equity, and i also don't understand why the sheet is not balanced. kinda new to accounting and i will appreciate if anyone can help with this
why is accrued and prepaid treated on the current assest
there are missing items on the sheet
Total assets should be equal to Total equities. From the example above, the total assets is not equal to Total equities making the example wrong. When you work the example above well, you will get Total equities to be 28300
how is net profit in this example, calculated?