The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December 31,

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The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December 31, 2022:


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Required1. Prepare journal entries to record the transactions and closings for 2023.2. Prepare a statement of changes in equity for the year ended December 31, 2023.3. Prepare the equity section of the corporation’s balance sheet as of December 31, 2023.



Analysis Component:Explain the relationship between assets and retained earnings; use your answer in Part 3 above as part of the explanation.

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Fundamental Accounting Principles Volume 2

ISBN: 9781260881332

17th Canadian Edition

Authors: Kermit D. Larson, Heidi Dieckmann, John Harris

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