The amounts of the assets and liabilities of St. Simon Travel Service at June 30, 2012, the end of the
1. Prepare an income statement for the current year ended June 30, 2012.
2. Prepare a statement of owners equity for the current year ended June 30, 2012.
3. Prepare a balance sheet as of June 30, 2012.
4. What item appears on both the income statement and statement of ownersequity?
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...
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