Now that you have reviewed financial accounting, here's a chance to quickly see how well you remember the essentials of your previous accounting classes.

Using the account titles in the Lesson $1$ Assignment Spreadsheet Download Lesson $1$ Assignment Spreadsheet, create these financial statements for Example Company for the year ended December $31,$ XXXX:

income statement,

statement of retained earnings, and

balance sheet.

Please prepare your answers in a spreadsheet that you create, using proper spreadsheet techniques. You don't need to add numbers.

Once you are done, select the Submit Assignment button and submit your spreadsheet.

It is important that you understand what accounts belong on the different financial statements. However, it is critical that you understand how they interact and tell the story of the company's economic position.