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AlphaZeta Inc. is a brand new firm formed on October 1, 2020 (this detail is important for Retained Earnings). The following are correct ending balances
AlphaZeta Inc. is a brand new firm formed on October 1, 2020 (this detail is important for Retained Earnings). The following are correct ending balances in $ millions as of December 31, 2020 right before all temporary accounts are closed for their first quarter. The accounts are shown in alphabetical order. 1. Prepare the Income Statement for the quarter. Show all Revenues and Expenses in the appropriate order as well as Gross Profit, Operating Profit, Pre-Tax Profit, and Net Income. Include appropriate heading for your Income Statement. Continued from prior page - the same information. 2. Prepare the Balance Sheet for the end of the quarter. Don't worry about any subtotals except Total Assets, Total Liabilities and Total Equity. You can write them all in a column: assets on top, then liabilities, then equity (just like the real firms we looked at). Include appropriate headings for your Balance Sheet
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