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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 15
Preparing financial statements from T accounts.
The accountant for the firm owned by John Wilson prepares financial statements at the end of each month.
INSTRUCTIONS
Use the figures in the T accounts for Problem 3.4A 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 "John Wilson, Landscape Consultant.") Assume that the transactions took place during the month ended June 30, 2013. Determine the account balances before you start work on the financial statements.
Analyze: What is the change in owner's equity for the month of June?
The accountant for the firm owned by John Wilson prepares financial statements at the end of each month.
INSTRUCTIONS
Use the figures in the T accounts for Problem 3.4A 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 "John Wilson, Landscape Consultant.") Assume that the transactions took place during the month ended June 30, 2013. Determine the account balances before you start work on the financial statements.
Analyze: What is the change in owner's equity for the month of June?
Explanation
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Verified
Identify the change in owner's equity:
...
College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
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