Following is a trial balance for Ricardo Sanchez's Auto Repair as of January 31, 2019.
Required:
a. Prepare an income statement.
b.Prepare a statement of changes in owner's equity for the month ended January 31, 2019.
c. Prepare balance sheet as of January 31, 2019.
d. Prepare the entry to close the books, as if Ricardo's financial year end is January 31.

Question

Following is a trial balance for Ricardo Sanchez's Auto Repair as of January 31, 2019. 
  Required: 
a. Prepare an income statement.
b.Prepare a statement of changes in owner's equity for the month ended January 31, 2019.
c. Prepare balance sheet as of January 31, 2019.
d. Prepare the entry to close the books, as if Ricardo's financial year end is January 31.

Quizplus · Accepted Answer

The Answer of Following is a trial balance for Ricardo Sanchez's Auto Repair as of January 31, 2019. 
  Required: 
a. Prepare an income statement.
b.Prepare a statement of changes in owner's equity for the month ended January 31, 2019.
c. Prepare balance sheet as of January 31, 2019.
d. Prepare the entry to close the books, as if Ricardo's financial year end is January 31.

Following Is a Trial Balance for Ricardo Sanchez's Auto Repair