The adjusted trial balance for Marine Fishing Centre is as follows: Instructions a. Prepare an income statement

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The adjusted trial balance for Marine Fishing Centre is as follows:

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Instructions

a. Prepare an income statement for the year ended March 31, 2021.

b. Prepare a statement of owner?s equity. The owner, Rachael Falkner, invested $2,300 cash in the business during the year. (Note: The investment has been recorded and it is included in the capital account.)

c. Prepare a classifi ed balance sheet.

d. Prepare closing entries.

e. Use T accounts to post the closing entries and calculate the balance in each account. (Ignore the accounts not affected by the closing entries.)

f. Prepare a post-closing trial balance and compare the balance in the R. Falkner, Capital account with the information in the statement of owner?s equity.

What alternatives should be considered when deciding on the presentation of information in the classified balance sheet?

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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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