Rupert Engineering Corp. is a private company reporting under ASPE. Its adjusted trial balance at its fiscal

Question:

Rupert Engineering Corp. is a private company reporting under ASPE. Its adjusted trial balance at its fiscal year end, March 31, 2021, is shown below:

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Instructions

Prepare an income statement, statement of retained earnings, and balance sheet.

Taking It Further

Are there any differences between the Retained Earnings account for corporations and the owner?s capital account used for proprietorships?

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Related Book For  book-img-for-question

Accounting Principles Volume 2

ISBN: 978-1119502555

8th Canadian Edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

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