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Topic: Business
Number of pages / Number of words: 2 / 548
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The cash accounting method is used by most individuals and small businesses, that have limited accounts payables and accounts receivables or whose income and expense cash flows are closely associated with each other in time. A simple Income Statement and Balance Sheet for cash method accounting might look like the following:

Northway Apartments

Income Statement

For the financial year ended 30 July 2007

Revenue ...


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A simple Income Statement and Balance Sheet for cash method accounting might look like the following:

Northway Apartments

Income Statement

For the financial year ended 30 July 2007

Revenue ............................ $2,200

Expense ............................ 1500

------

Net income ...........


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