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Other accounting statements

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You can probably come up with examples of several other popular or useful accounting reports. Not surprisingly, a good accounting system such as QuickBooks produces most of these reports. One very common report or financial statement, for example, is a list of the amounts that your customers owe you. It’s a good idea to prepare and review such reports on a regular basis to make sure that you don’t have customers turning into collection problems.

Table 1-9 shows how the simplest sort of accounts receivable report may look. Each customer is named along with the amount owed.

TABLE 1-9 An Accounts Receivable Report at End of Day

Customer Amount
W. Churchill $45.12
G. Patton 34.32
B. Montgomery 12.34
H. Petain 65.87
C. de Gaulle 43.21
Total receivables $200.86

Table 1-10 shows another common accounting report: an inventory report that the hot dog stand may have at the start of the day. An inventory report like the one shown in Table 1-10 probably would name the various items held for resale, the quantity held, and the amount or value of the inventory item. A report such as this one is useful for making sure that you have the appropriate quantities of inventory in stock. (Think of how useful such a report would be if you really were planning to sell thousands of hot dogs at major sporting events in your hometown.)

TABLE 1-10 An Inventory Report at Start of Day

Item Quantity Amount
Kielbasa 2,000 $900.00
Bratwurst 2,000 1,000.00
Plain buns 2,000 500.00
Sesame buns 2,000 600.00
Total inventory $3,000.00
QuickBooks 2022 All-in-One For Dummies

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