Ella Mendes prepared the following trial balance for her yoga studio, Mindful Meditation, for the year ended
Question:
Ella Mendes prepared the following trial balance for her yoga studio, Mindful Meditation, for the year ended December 31, 2021.
Instructions
Use the trial balance to do the following:
a. Prepare an income statement for Mindful Meditation for the year ended.
b. Prepare a statement of owner?s equity.
c. Prepare a balance sheet.
Taking it further
Ella has reviewed the financial statements. She does not understand why the company?s revenue is not equal to the cash she collected from customers. Explain.
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Step by Step Answer:
Related Book For
Accounting Principles Volume 1
ISBN: 978-1119502425
8th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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