Refer to Problem 2-45B. After completing the ledger in Problem 2-45B, prepare the following financial statements for

Question:

Refer to Problem 2-45B. After completing the ledger in Problem 2-45B, prepare the following financial statements for Party Time Amusements Company:

Requirements

1. Income statement for the month ended August 31, 2012.

2. Statement of retained earnings for the month ended August 31, 2012. The beginning balance of retained earnings was $0.

3. Balance sheet at August 31, 2012.

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... 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...