Preparing financial statements from the worksheet.
The completed worksheet for Orange Corporation as of December 31, 2010, after the company had completed the first month of operation, appears across the tops of pages 146–147.
INSTRUCTIONS
1. Prepare an income statement.
2. Prepare a statement of owner’s equity. The owner made no additional investments during the month.
3. Prepare a balance sheet (use the report form).
Analyze: If the adjustment to Prepaid Advertising had been $4,800 instead of $2,400, what net income would have resulted?
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