The completed worksheet for Orange Corporation as of December 31, 2013, after the company had completed the

Question:

The completed worksheet for Orange Corporation as of December 31, 2013, after the company had completed the first month of operation, appears across the tops of pages 146-147.

INSTRUCTIONS

1. Prepare an income statement.

2. Prepare a statement of owner's equity. The owner made no additional investments during the month.

3. Prepare a balance sheet (use the report form).

Analyze:

If the adjustment to Prepaid Advertising had been $4,800 instead of $2,400, what net income would have resulted?

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... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...