E3-23A – Single-Step Income Statement & Statement of Retained Earnings
Financial Accounting
Thomas, Tietz, and Harrison
12th Edition
Prepare the single-step income statement, statement of retained earnings, and balance sheet.
Prepare the single-step income statement, statement of retained earnings, and balance sheet.
Given the information on the company, prepare closing entries, find how much net income the company earned, and prepare a T-account.
Your numbers will vary.
Given the adjustments, prepare the adjusting entries along with the overstatement or understatement if the adjustments weren’t made.
Your numbers will vary.
Given the financial statements for the business just started – create the corrected income statement, statement of retained earnings, and balance sheets.
Your numbers will vary.
Given the adjusted trial balances for the corporation – figure out what you would report on the income statement for sales revenue, insurance expense, and operating expenses.
Your numbers will vary.
Given the reported ratios and the completed transactions – figure out if those transactions benefited or harmed the company.
Your numbers will vary.
Given the checkbook lists and the bank statement for the month – prepare the bank reconciliation.
Your numbers will vary.
Given the information on the guided tours and the transactions – create a journal entry for each transaction.
Your numbers will vary.
Using average-cost, FIFO, and LIFO – find the cost of goods sold and ending inventory.
Your numbers will vary.
Find gross profit under both FIFO and LIFO.
Your numbers will vary.