(Learning Objectives 4: Preparing the fi nancial statements) The adjusted trial balance of Sneed Corporation at October 31, 20X6, follows:

■ spreadsheet

❙ Requirements 1. Prepare Sneed’s 20X6 income statement, statement of changes in equity, and balance sheet. List expenses (except for income tax) in decreasing order on the income statement and show total liabilities on the balance sheet.