Use the Classic Automobiles of Cedar Grove, Inc., data from Problem 12-67B. Requirements 1. Prepare Classics income

Question:

Use the Classic Automobiles of Cedar Grove, Inc., data from Problem 12-67B.

Requirements
1. Prepare Classic’s income statement for the year ended December 31, 2012. Use the single step format, with all revenues listed together and all expenses together.
2. Prepare Classic’s at December 31, 2012.
3. Prepare Classic’s statement of cash flows for the year ended December 31, 2012. Format cash flows from operating activities by using the direct method.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...