Using the information in Problem 8B, prepare an income statement and a statement of changes in equity
Question:
Using the information in Problem 8B, 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 additional investments during the year. A $2,500 payment on the long-term notes payable will be made during 2015. Also, $1,500 of the notes receivable will be collected by December 31, 2015.
Analysis Component:
Eagle Consulting's equity decreased by $4,610 during 2014. What effect does a decrease in equity have on the other major components of the balance sheet?
In Problem 8B
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Related Book For
Fundamental Accounting Principles
ISBN: 978-0071051507
Volume I, 14th Canadian Edition
Authors: Larson Kermit, Tilly Jensen
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