Preparing an Income Statement, Statement of Stockholders Equity, and Classified Balance Sheet Refer to E3-10. Required: Use

Question:

Preparing an Income Statement, Statement of Stockholders’ Equity, and Classified Balance Sheet

Refer to E3-10.

Required:

Use the ending balances in the T-accounts in E3-10 to prepare the following:

1. An income statement for January 2011 in good form (ignore income taxes).

2. A statement of stockholders’ equity for January 2011.

3. A classified balance sheet as of January 31, 2011, in good form.

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...