The adjusted trial balance of Valley Realty, Inc., at December 31, 2018, follows: Requirements 1. Prepare Valley

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The adjusted trial balance of Valley Realty, Inc., at December 31, 2018, follows:

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Requirements

1. Prepare Valley Realty?s income statement and statement of retained earnings for the year ending December 31, 2018, and year-end balance sheet. List expenses in decreasing order on the income statement.

2. a. Which financial statement reports Valley Realty?s results of operations? Were operations successful during 2018? Cite specifics from the financial statements to support your evaluation.

b. Which statement reports the company?s financial position?

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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Financial Accounting

ISBN: 978-0134727790

5th edition

Authors: Robert Kemp, Jeffrey Waybright

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