From the trial balance of Gretchen Lyman, Attorney-at-Law, given in Figure 2.8, prepare (a) An income statement

Question:

From the trial balance of Gretchen Lyman, Attorney-at-Law, given in Figure 2.8, prepare

(a) An income statement for the month of January,
(b) A statement of owner's equity for the month ended January 31, and
(c) A balance sheet at January 31, 201X.

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...