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Using the information below, complete the Income Statement, Statement of Retained Earnings, and Balance Sheet for your Aunt Mildred. Be sure to include proper headers,
Using the information below, complete the Income Statement, Statement of Retained Earnings, and Balance Sheet for your Aunt Mildred. Be sure to include proper headers, dates, and account titles (reference page 1-29 in your textbook for proper formatting). Lastly, in the column next to each of Aunt Mildred's accounts below, list out what type of business activity (operating, investing, financing, or N/A) the account would fall into on the Statement of Cash Flows, if any. (chart -12 points, statements-35 points) Other Important Information: - I started my business on June 2nd by investing my own cash. - I paid cash for this great piece of furniture (reclining chair) to use while I knit! - All of my expenses were paid in cash and all the money I received from my customers was in cash. - Hints and reminders from Accounting Instructor: 1. There is no dividends for Aunt Mildred's knitting business...yet! 2. Although Aunt Mildred does not know what type of business she is going to choose. Just assume her business is a corporation when you work on the financial statements. To match what you learned in Chapters 1 and 2, treat the $1000 Owner's Capital as Common Stock. 3. Financial Statements will only contain elements from the Chart of Accounts
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