The adjusted trial balance for Ocean Realty, Inc., at March 31, 2012, follows: Requirements 1. Prepare Ocean
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Requirements
1. Prepare Ocean Realtys income statement and statement of retained earnings for the year ended March 31, 2012, and year-end balance sheet. List expenses in decreasing order on the income statement.
2. a. Which financial statement reports Ocean Realtys results of operations? Were operations successful during 2012? Cite specifics from the financial statements to support your evaluation.
b. Which statement reports the companys financialposition?
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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