(L.OBJ. 6) Preparing financial statements from an adjusted trial balance. [20-30 min] T...

(L.OBJ. 6) Preparing financial statements from an adjusted trial balance. [20-30 min]

The adjusted trial balance of A Plus Events Piano Tuning Service at fiscal year-end January 31, 2011, follows.

Requirements

1. Prepare A Plus Events 2011 income statement.

2. Prepare the statement of owner’s equity for the year.

3. Prepare the year-end balance sheet.

4. Which financial statement reports A Plus’s results of operations? Were the 2011 operations successful? Cite specifics from the financial statements to support your evaluation.

5. Which statement reports the company’s financial position? Joes A Plus’s financial position look strong or weak? Give the reason for your evaluation.