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By using the accounting equation the determined followed amounts are $391,350 and $463,040
What is the Accounting period?
In bookkeeping, the time frame for which there were and financial statements are created is known as an accounting period. The accounting period in management accounting varies greatly and is chosen by management. Accounting periods are frequently monthly. Any time frame used for financial reporting is referred to as an accounting period. The statements or reports for a certain accounting period include transactions that occurred within a specified calendar range. A reporting or accounting period frequently lasts for a full year. The end of any one-year or 12-month accounting period other than a regular calendar year is referred to as the "fiscal year-end." Annual financial statements are frequently computed over a fiscal year.
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