Following is an adjusted trial balance for LC Associates
Following is an adjusted trial balance for LC & Associates for the year ended December 31, 2009.
Required:
(a) Prepare an income statement for LC & Associates for the year ended December 31, 2009.
(b) Prepare a classified balance sheet for LC & Associates as of December 31, 2009.
(c) Identify three general classes of financial statement users who might make economic decisions based on the financial statements of LC & Associates. How might errors in the financial statements affect such decisions?
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