Prepare a trial balance, income statement, statement of retained earnings, and balance sheet (Learning Objective 4) 2025

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Prepare a trial balance, income statement, statement of retained earnings, and balance sheet (Learning Objective 4) 20–25 min.

The accounts of Baker Consulting, Inc., follow with their normal balances at December 31, 2014. The accounts are listed in no particular order.image text in transcribed

Requirements 1. Prepare the company’s trial balance at December 31, 2014, listing accounts in the proper order. List the largest expense first, the second-largest expense next, and so on.
2. Prepare the year-end financial statements: income statement, statement of retained earnings, and balance sheet. The retained earnings balance of $12,320 is the beginning balance for the year; it has not been updated for the current year’s net income or loss.
3. Was it a profitable year for Baker Consulting, Inc.? Why or why not?AppendixLO1

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Financial Accounting

ISBN: 9781292019543

3rd Global Edition Edition

Authors: Robert Kemp, Jeffrey Waybright, Pearson Education

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