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CP 12-2 Refer to CP 121. Assume that the proprietorship is instead a corporation named R. Black Ltd., with 1,000 shares of common stock issued
CP 12-2 Refer to CP 121. Assume that the proprietorship is instead a corporation named R. Black Ltd., with 1,000 shares of common stock issued on January 1, 2019 for a stated value of $5 per share. Assume there are no opening retained earnings and consider withdrawals to be dividends. Assume income taxes expense applies to corporate earnings. Required: 1. Prepare an income statement for the year ended December 31, 2019. 2. Prepare a statement of changes in equity. 3. Prepare a balance sheet at December 31, 2019. 4. Prepare closing entries at year-end. CP 12-2 Refer to CP 121. Assume that the proprietorship is instead a corporation named R. Black Ltd., with 1,000 shares of common stock issued on January 1, 2019 for a stated value of $5 per share. Assume there are no opening retained earnings and consider withdrawals to be dividends. Assume income taxes expense applies to corporate earnings. Required: 1. Prepare an income statement for the year ended December 31, 2019. 2. Prepare a statement of changes in equity. 3. Prepare a balance sheet at December 31, 2019. 4. Prepare closing entries at year-end
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Audit Analytics Data Science For The Accounting Profession
Authors: J. Christopher Westland
1st Edition
3030490904, 9783030490904
