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Hi, I really need help with this please. Thank you so much! Clear Up Cleaning Preparation of Adjusted Trial Balance November 30, 2024 1. Prepare
Hi, I really need help with this please. Thank you so much!
Clear Up Cleaning Preparation of Adjusted Trial Balance November 30, 2024 1. Prepare an income statement and statement of owner's equity for the month ended November 30, 2024. Also prepare a classified balance sheet at November 30, 2024, using the report format. Assume the Notes Payable is long-term. Use the adjusted trial balance provided. 2. Prepare closing entries at November 30, 2024, and post to the accounts. T-accounts for Income Summary and Hayman, Capital have been opened for you. Determine the ending balance in each account. Denote each closing amount as Clos. and each account balance as Bal. Requirement 1. Prepare an income statement and statement of owner's equity for the month ended November 30,2024 . Also prepare a classified balance sheet at November 30, 2024, using the report format. Assume the Notes Payable is long-term. Use the adjusted trial balance provided in the problem statement. Begin by preparing the income statement. (If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.) Now prepare the statement of owner's equity. Enter any increases in capital prior to the subtotal and any decreases to capital below the subtotal. (Complete all answer oxes. Enter a "0" for any zero balances.) Prepare a classified balance sheet at November 30,2024 , using the report format. Assume the Notes Payable is long-term. Start by preparing the assets section of the statement. In the next step, prepare the liabilities and owner's equity sections to complete the balance sheet. (If a box is no used in the statement, leave the box empty; do not select a label or enter a zero.) LessStep by Step Solution
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