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College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
Edition 2ISBN: 978-0073396958College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
Edition 2ISBN: 978-0073396958 Exercise 17
Preparing financial statements from T accounts.
The accountant for the firm owned by Kathryn Price prepares financial statements at the end of each month.
INSTRUCTIONS
Use the figures in the T accounts for Problem 3.4B to prepare a trial balance, an income statement, a statement of owner's equity, and a balance sheet. (The first line of the statement headings should read "Kathryn Price, Counselor and Attorney at Law.") Assume that the transactions took place during the month ended April 30, 2013. Determine the account balances before you start work on the financial statements.
Analyze: What net change in owner's equity occurred during the month of April?
The accountant for the firm owned by Kathryn Price prepares financial statements at the end of each month.
INSTRUCTIONS
Use the figures in the T accounts for Problem 3.4B to prepare a trial balance, an income statement, a statement of owner's equity, and a balance sheet. (The first line of the statement headings should read "Kathryn Price, Counselor and Attorney at Law.") Assume that the transactions took place during the month ended April 30, 2013. Determine the account balances before you start work on the financial statements.
Analyze: What net change in owner's equity occurred during the month of April?
Explanation
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Verified
Prepare trial balance:
A trial balance ...
College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
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