Refer to CP 12-1. Assume that the proprietorship is instead a corporation named R. Black Ltd., with
Question:
Required:
1. Prepare an income statement for the year ended December 31, 2016.
2. Prepare a statement of changes in equity.
3. Prepare a balance sheet at December 31, 2016.
4. Prepare closing entries at year-end.
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... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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1 R Black Ltd Income Statement For the Year Ended December 31 2016 Sales 166000 Cost of goods sold 1...View the full answer
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Related Book For 
Accounting Introduction To Financial Accounting
ISBN: 9781517089719
1st Edition
Authors: Henry Dauderis, David Annand
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