Homework Answers
Answer is option A, B, C, E
A. financial statements are prepared more easily using the adjusted trial balance than with the general ledger
B. the ending retained earnings account balance on the balance sheet is transferred from the statement of retained earnings.
C. the income statement is the first financial statement prepared after the adjusted trial balance
E. the adjusted trial balance includes all accounts and balances appearing in financial statements
The adjusted trial balance is prepared all journal entries and adjusting entries are posted to ledger and all accounts are balance. It is the reference which is used to prepared financial statements as the balance of every account can be seen in the adjusted trial balance. The preparation of financial statements start with the income statement.
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