The adjusted trial balance for Ocean Realty, Inc., at March 31, 2012, follows: Requirements 1. Prepare Ocean

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The adjusted trial balance for Ocean Realty, Inc., at March 31, 2012, follows:

The adjusted trial balance for Ocean Realty, Inc., at March

Requirements
1. Prepare Ocean Realty€™s 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 Realty€™s results of operations? Were operations successful during 2012? Cite specifics from the financial statements to support your evaluation.
b. Which statement reports the company€™s financialposition?

Financial Statements
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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Financial Accounting

ISBN: 978-0133052152

2nd edition

Authors: Robert Kemp, Jeffrey Waybright

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