Tias Cotton Fabrics, Inc., has the following account information on its adjusted trial balance: Requirement Prepare the

Question:

Tia’s Cotton Fabrics, Inc., has the following account information on its adjusted trial balance:

Requirement

Prepare the necessary closing entries and the income statement, statement of changes in shareholders’ equity for the year ended March 31, 2012, and balance sheet as of March 31, 2012.

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...