Question

Garden Wizards provides gardening services to both commercial and residential customers. The company performs adjusting entries on a monthly basis, whereas closing entries are prepared annually at December 31. An adjusted trial balance dated December 31, 2011, follows.


Instructions
Prepare an income statement and statement of retained earnings for the year ended December 31, 2011. Also prepare the company’s balance sheet dated December 31, 2011.
Prepare the necessary year-end closing entries.
Prepare an after-closing trial balance.
Using the financial statements prepared in part a, briefly evaluate the company’s profitability andliquidity.


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  • CreatedApril 17, 2014
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