QS 13-2 Corporate financial statements LO²

Ludwig Ltd. showed the following amounts for its year just ended October 31, 2014. Prepare a multi-step income statement assuming a tax rate of 25%.

QS 13-3 Components of the equity section of a corporate balance sheet LO²

From the following list of selected accounts for X-cell Inc., identify the equity accounts. Use CC for contributed capital, RE for retained earnings, and X if not an equity account.

QS 13-4 Corporate financial statements LO²

Vision Consulting began operations on January 1, 2014. Complete the following schedule with journal entries detailing the transactions during 2014 for Vision Consulting under two forms of organization: as a single proprietorship (owned by Ian Smith), and as a corporation.