2 INSTRUCTIONS The following worksheet is called a Balance Sheet Equation Worksheet. The worksheet lists the key events in the life of UWP over years 1 through 3: each of these events is likely to affect the financial statements of UWP. The impact of the events on the 3 UWP Balance Sheet for years 1 and 2 has been sketched out. a. Using the completed transactions from years 1 and 2 as a guide, fill in the worksheet for year 3 . b. Now, prepare an Income Statement, Balance Sheet, and Cash Flow Statement for years 2 and 3. c. Do you agree with all of the accounting assumptions in the worksheet? If not, what would you change? 2 INSTRUCTIONS The following worksheet is called a Balance Sheet Equation Worksheet. The worksheet lists the key events in the life of UWP over years 1 through 3: each of these events is likely to affect the financial statements of UWP. The impact of the events on the 3 UWP Balance Sheet for years 1 and 2 has been sketched out. a. Using the completed transactions from years 1 and 2 as a guide, fill in the worksheet for year 3 . b. Now, prepare an Income Statement, Balance Sheet, and Cash Flow Statement for years 2 and 3. c. Do you agree with all of the accounting assumptions in the worksheet? If not, what would you change