Accounting problem(urgent)
2010-04-30 11:48 pm
When preparng financial statement for sole preprietorship, why do we need to include the inventory in the balance sheet? Even though it is an asset, but don't we already include it in the income statement? And also how to write the entry for inventory account?
回答 (1)
2010-05-08 7:59 pm
✔ 最佳答案
Inventory in Income Statement is to calculate the "Cost of Good Sold" whilst, it is an asset in presenting in Balance Sheet. You have to distinguish the different between it.For the entry of the Inventory account, you have to provide the information, say, the entry is whether the 'purchase in' or 'sold out' and else.
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