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Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 14ISBN: 978-1305653535Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 14ISBN: 978-1305653535 Exercise 17
Financial statements and closing entries
Last Chance Company offers legal consulting advice to prison inmates. Last Chance prepared the end-of-period spreadsheet that follows at June 30, 2018, the end of the fiscal year.
Instructions
1. Prepare an income statement for the year ended June 30.
2. Prepare a retained earnings statement for the year ended June 30.
3. Prepare a balance sheet as of June 30.
4. On the basis of the end-of-period spreadsheet, journalize the closing entries.
5. Prepare a post-closing trial balance.
Last Chance Company offers legal consulting advice to prison inmates. Last Chance prepared the end-of-period spreadsheet that follows at June 30, 2018, the end of the fiscal year.
Instructions
1. Prepare an income statement for the year ended June 30.
2. Prepare a retained earnings statement for the year ended June 30.
3. Prepare a balance sheet as of June 30.
4. On the basis of the end-of-period spreadsheet, journalize the closing entries.
5. Prepare a post-closing trial balance.
Explanation
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Accounting Cycle
Using the spreadsheet,...
Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
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