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Resource: Ch. 4 of Financial Accounting Complete Problems P4-3A and P4-8A. Submit as either a Microsoft® Excel® or Microsoft® Word document.
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As part of Problem 4-3A on page 210 of our textbook, you are asked to prepare the balance sheet, income statement, and statement of retained earnings. Illustrations 4-27 and 4-28 on pages 184 and 185 of our textbook are great examples to look at when preparing the balance sheet, income statement, and statement of retained earnings.
Here are some hints for Problem 4-3A:
Part c) the debits and credits for the adjusted trial balance are $114,630.
Part d) net income is $3,570; for the balance sheet, assets equal liabilities plus stockholders’ equity which are equal to $106,150
