Use the Modern Automobiles of Denver, Inc., data from Problem 12-58A. Requirements 1. Prepare Moderns income statement

Question:

Use the Modern Automobiles of Denver, Inc., data from Problem 12-58A.

Requirements
1. Prepare Modern’s income statement for the year ended December 31, 2012. Use the single-step format, with all revenues listed together and all expenses together.
2. Prepare Modern’s at December 31, 2012.
3. Prepare Modern’s statement of cash flows for the year ended December 31, 2012. Format cash flows from operating activities by using the direct method.

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...