The effects of transactions occurring during 2016 and their related end-of-year adjustments have been recorded below using the accounting equation.

Required:
With your knowledge of transaction analysis using an accounting equation,
a)Prepare an income statement for 2016,and
b)Prepare a statement of cash flows for 2016.Precede a cash outflow amount with a minus sign.

Question

The effects of transactions occurring during 2016 and their related end-of-year adjustments have been recorded below using the accounting equation.
  
Required:
With your knowledge of transaction analysis using an accounting equation,
a)Prepare an income statement for 2016,and
b)Prepare a statement of cash flows for 2016.Precede a cash outflow amount with a minus sign.

Quizplus · Accepted Answer

The Answer of The effects of transactions occurring during 2016 and their related end-of-year adjustments have been recorded below using the accounting equation.
  
Required:
With your knowledge of transaction analysis using an accounting equation,
a)Prepare an income statement for 2016,and
b)Prepare a statement of cash flows for 2016.Precede a cash outflow amount with a minus sign.

The Effects of Transactions Occurring During 2016 and Their Related