Using the completed adjusted trial balance columns from Exercise 3-17, prepare an income statement, a statement of

Question:

Using the completed adjusted trial balance columns from Exercise 3-17, prepare an income statement, a statement of changes in equity, and a balance sheet for the year ended February 28, 2020. Assume that the owner made no investments during the year.

Analysis Component: Which GAAP requires the preparation of financial statements?


Exercise 3-17

Additional information:

Nuna Music Trial Balances.xlsx Home Insert Page Layour Formulas Dara Review View P18 Nuna Music Trial Balances February 28, 2020 Unadjusted 4 Adjusted Trial Balance Adjustments Trial Balance Dr. Cr. Dr. Cr. Dr. Cr. 7 Cash $ 14,000 8 Accounts receivable 32,000 9 Prepaid insurance 10 Equipment 11 Accumulated depreciation,

GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Fundamental Accounting Principles Volume I

ISBN: 978-1260305821

16th Canadian edition

Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann

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