Refer to the trial balance that follows for Edden Electrical for the year ended April 30, 2021.

Question:

Refer to the trial balance that follows for Edden Electrical for the year ended April 30, 2021.

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Instructions

Use the trial balance to do the following:

a. Prepare an income statement.

b. Prepare a statement of owner?s equity.

c. Prepare a balance sheet.

Taking it further

Edden would like to close the business and retire. He has reviewed the financial statements, and thinks he will be able to take out cash equal to the balance in his capital account. Do you agree? Why or why not?

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Step by Step Answer:

Related Book For  book-img-for-question

Accounting Principles Volume 1

ISBN: 978-1119502425

8th Canadian Edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

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