(L. OBJ. 5) Preparing financial statements from the trial balance [20-30 min] Link Back...

(L. OBJ. 5) Preparing financial statements from the trial balance [20-30 min]

Link Back to Chapter 1 (Income Statement, Statement of Owner’s Equity, Balance Sheet). Refer to Problem 2-34A. After completing the trial balance in Problem 2-34A, prepare the following financial statements for Vaughn Carpet Installers:

Requirements

1. Income statement for the month ended December 31, 2011.

2. Statement of Owner’s Equity for the month ended December 31, 2011.

3. Balance sheet at December 31, 2011.