The adjusted trial balance for Speedy Courier as of December 31, 2016, follows. Required 1. Use the

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The adjusted trial balance for Speedy Courier as of December 31, 2016, follows.
The adjusted trial balance for Speedy Courier as of December

Required
1. Use the information in the adjusted trial balance to prepare (a) the income statement for the year ended December 31, 2016; (b) the statement of retained earnings for the year ended December 31, 2016; and (c) the balance sheet as of December 31, 2016.
2. Compute the profit margin for year 2016 (use total revenues as the denominator).

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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