Refer to the transactions for Krittersbegone Inc. in Problem 3-7A. Required 1. Prepare journal entries on the

Question:

Refer to the transactions for Krittersbegone Inc. in Problem 3-7A.

Required

1. Prepare journal entries on the books of Krittersbegone to record the transactions entered into during the month. Ignore depreciation expense.

2. Prepare a classified balance sheet dated July 31, 2010. From the balance sheet, what cash inflow and what cash outflow can you predict in the month of August? Who would be interested in the cash flow information? Why? Decision Cases Reading and Interpreting Financial Statements Decision Case 3-1 Comparing Two Companies in the Same Industry: Kellogg’s and General Mills Refer to the income statements for Kellogg’s and General Mills reproduced at the end of the book.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... 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...