These items are taken from the financial statements of Mbong Corporation for the year ended December 31,

Question:

These items are taken from the financial statements of Mbong Corporation for the year ended December 31, 2012:

These items are taken from the financial statements of Mbong

Additional information:
1. Mbong started the year with $30,000 of common shares and issued $4,200 more during the year.
2. $1,500 of the bank loan payable is due to be repaid within the next year.
Instructions
(a) Prepare an income statement, statement of changes in equity, and statement of financial position for the year.
(b) Explain how each financial statement is related to the others.

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...
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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Related Book For  book-img-for-question

Financial Accounting Tools for Business Decision Making

ISBN: 978-1118024492

5th Canadian edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine

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