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

(L. OBJ. 5) Preparing 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 2-47B. After completing the trial balance in Problem 2-47B, prepare the following financial statements for Ann Duxbury, Designer:

Requirements

1. Income statement for the month ended March 31, 2010.

2. Statement of Owner’s Equity for the month ended March 31, 2010. The beginning balance of Capital was $0.

3. Balance sheet at March 31, 2010.