These items are taken from the financial statements of Summit's Bowling Alley Ltd. at December 31, 2012:

Question:

These items are taken from the financial statements of Summit's Bowling Alley Ltd. at December 31, 2012:

These items are taken from the financial statements of Summit's

Instructions
(a) Calculate profit and the ending balance of retained earnings at December 31, 2012. It is not necessary to prepare a formal income statement or statement of changes in equity.
(b) Prepare a statement of financial position. Assume that $13,600 of the mortgage payable will be paid in 2013.

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...
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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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