(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 2-49 B. After completing the trial balance in Problem 2-49 B, prepare the following financial statements for John Hilton, CPA:
Requirements
1. Income statement for the month ended October 31, 2011.
2. Statement of Owner’s Equity for the month ended October 31, 2011. The beginning balance of Capital was $0.
3. Balance sheet at October 31, 2011.
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