(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 2-27A. After completing the ledger in Problem 2-27A, prepare the following financial statements for Party Time Amusements Company:

Requirements

1. Income statement for the month ended November 30, 2012.

2. Statement of Owner’s Equity for the month ended November 30, 2012. The beginning balance of Capital was $0.

3. Balance sheet at November 30, 2012.