Problem 5-26 Comprehensive Accounting Cycle Problem (Uses Percent of Revenue Allowance Method)
The following trial balance was prepared for Gifts, Etc., Inc., on December 31, 2010, after the closing entries were posted.
AND SO ON
Required
a. Organize the transaction data in accounts under an accounting equation.
b. Prepare an income statement, a statement of changes in stockholders'
equity, a balance sheet, and a statement of cash flows for 2011.
Check:
Net Income: $236,710
Total Assets: 1,142,950
Click here for the solution: (Comprehensive Accounting Cycle Problem) The following trial balance was prepared for Gifts, Etc., Inc., on December 31, 2010, after the closing entries were posted
