Using the adjusted trial balance, the first financial statement to prepare is the income statement.

Name: Using the adjusted trial balance, the first financial statement to prepare is the income statement.
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The adjusted trial balance provides the correct balances of all accounts and is used to prepare financial statements. The income statement is typically the first of the financial statements prepared and shows the revenue, expenses, and net income for a specific period of time.

Using the Adjusted Trial Balance, the First Financial Statement to Prepare