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Bill's Boards (BB) is an outdoor advertising company founded by William Longfall. William knows very little accounting so he hired a friend to keep the
Bill's Boards (BB) is an outdoor advertising company founded by William Longfall. William knows very little accounting so he hired a friend to "keep the books." Unfortunately, William did not review his friend's work and now it seems his friend has made a mess of the accounting records. William has provided you the following list of unadjusted account balances at BB September 30 fiscal year-end. You have reviewed the balances with William and made notes shown in the right column. ost the beginning balances and adjusting entries to the following T-accounts. Required: Prepare an income statement for the year ended September 30. Required: Prepare a statement of retained earnings for the year ended September 30 Required: Prepare a classified balance sheet for the year ended September 30. (Amounts to be deducted should be indicated by a minus sign.)
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