DNA 4 U Company offers legal consulting advice to prison inmates. DNA 4 U Company prepared the

Question:

DNA 4 U Company offers legal consulting advice to prison inmates. DNA 4 U Company prepared the end-of-period spreadsheet at the top of the following page at April 31, 2012, the end of the current fiscal year.

Instructions

1. Prepare an income statement for the year ended April 30.

2. Prepare a retained earnings statement for the year ended April 30.

3. Prepare a balance sheet as of April 30.

4. On the basis of the end-of-period spreadsheet, journalize the closing entries.

5. Prepare a post-closing trialbalance.

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...