Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and the Yahoo Answers website is now in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.
Trending News
Easy explanation of how to create financial statements?
I'm working on accounting homework and have to create financial statements based on transactions in a game of Monopoly. I think I am off to a good start, but if anyone knows of any good resources that could walk me through it, I'd appreciate it.
Thank you!
We were already given the transactions to work with. I just needed help with what went on each financial statement as I got tripped up by an apparent lack of dividends. Turns out I have a friend who is an accountant who walked me through it last night after I asked this
1 Answer
- ProfLv 76 years ago
In monopoly you buy and sell or trade properties, pay taxes, etc. I can't remember all the details of the game. However, you could start by throwing the die and moving according to the throw. At each stop prepare a journal entry for the transaction. Create new accounts as you need them. After some 40-50 moves, post your entries to the ledger and use the balances to prepare financial statements. You may have to start with a cash fund, and you may have to play as two or three players,taking turns with the dice tosses. You only have to keep accounts for one player unless you want to compare the financial statements of two or more players.
