The accounts of Cascade Consulting, Inc., follow with their normal balances at December 31, 2010. The accounts

Question:

The accounts of Cascade Consulting, Inc., follow with their normal balances at December 31, 2010. The accounts are listed in no particular order.image text in transcribed

Requirements 1. Prepare the company’s trial balance at December 31,2010, listing accounts in the proper order. List the largest expense first, the second-largest expense next, and so on.
2. Prepare the financial statements: income statement, statement of retained earnings, and balance sheet. The retained earnings balance of $9,700 is the beginning balance for the year; it has not been updated for the current year’s income or loss.
3. Was it a profitable year for Cascade Consulting, Inc.? Why or why not?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Financial Accounting

ISBN: 9780136060482

1st Edition

Authors: Jeffrey Waybright, Robert Kemp

Question Posted: