Using your answer to Problem 1-9A, prepare an income statement, a statement of changes in equity, and

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Using your answer to Problem 1-9A, prepare an income statement, a statement of changes in equity, and a balance sheet.

Analysis Component: Assets are financed by debt and equity. Profit is a component of equity. Therefore, profit helps to finance assets. Explain how/if profit helped to finance assets for Power Electrical for the month ended November 30, 2020.

Problem 1-9A

Larry Power started a new business in the name of Power Electrical on October 1, 2020. During October, a number of activities occurred and the following totals resulted at October 31, 2020 (shown in accounting equation format):

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Fundamental Accounting Principles Volume I

ISBN: 978-1260305821

16th Canadian edition

Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann

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