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Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372 Exercise 26
Preparing an Income Statement and Balance Sheet
Assume that you are the president of APEC Aerospace Corporation. At the end of the first year of operations (December 31, 2012), the following financial data for the company are available:
Required :
1. Prepare an income statement for the year ended December 31, 2012.
2. Prepare a statement of retained earnings for the year ended December 31, 2012.
3. Prepare a balance sheet at December 31, 2012.
Assume that you are the president of APEC Aerospace Corporation. At the end of the first year of operations (December 31, 2012), the following financial data for the company are available:
Required :
1. Prepare an income statement for the year ended December 31, 2012.
2. Prepare a statement of retained earnings for the year ended December 31, 2012.
3. Prepare a balance sheet at December 31, 2012.
Explanation
Verified
Verified
1.
Income statement:
• A statement tha...
Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
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