Using the information from Problem 4B, prepare an income statement and a statement of changes in equity for the year ended December 31, 2014, and a classified balance sheet at December 31, 2014. The owner made no investments during the year.
Analysis Component:
Dillan's Tailoring Services experienced a net income during 2014. If you were one of the business's creditors, would you conclude that because of this net income Dillan's Tailoring will pay its obligations in 2015?
In Problem 4B