Refer to the trial balance for Abramson Financial Services prepared in P2-6A, part (c). Instructions (a) Prepare

Question:

Refer to the trial balance for Abramson Financial Services prepared in P2-6A, part (c).

Instructions

(a) Prepare an income statement for May.

(b) Prepare a statement of owner's equity for May.

TAKING IT FURTHER

Discuss how well the company performed in its first month of operations.

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...