Question: Using the adjusted trial balance in Problem 6A, prepare the income statement and statement of changes in equity for the year ended December 31, 2014,

Using the adjusted trial balance in Problem 6A, prepare the income statement and statement of changes in equity for the year ended December 31, 2014, and the classified balance sheet at December 31, 2014.
Analysis Component:
Why must liabilities be separated on the balance sheet between current and long-term? What effect would it have had on Lloyd's balance sheet if the long-term note was not separated?
In Problem 6A

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Revenues Professional fees earned 206480 Rent earned 26000 Total revenues 232480 Operating expenses Wages expense 64000 Depreciation expense building ... View full answer

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