This alphabetized adjusted trial balance is for GalaVu Entertainment as

This alphabetized adjusted trial balance is for GalaVu Entertainment as of its December 31, 2014, year-end.
This alphabetized adjusted trial balance is for GalaVu Entertainment as

Required
Use the information in the trial balance to prepare:
a. The income statement for the year ended December 31, 2014.
b. The statement of changes in equity for the year ended December 31, 2014, assuming that the owner made additional investments of $15,000 during the year.
c. The balance sheet as of December 31, 2014.
Analysis Component: The owner, John Conroe, is very pleased with the change in the business's financial position. Specifically, he noted that his equity increased. "My banker told me that as long as equity is increasing, my business is doing great." Comment.

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...