Prepare the income statement for year 2 and the balance sheet at the end of year 2

Question:

Prepare the income statement for year 2 and the balance sheet at the end of year 2 for P. V. Ltd. in Example 2.1 under the assumption that P. V. Ltd. pays no dividends.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...