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Thomas Magnum Income Statement

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Thomas Magnum began operations as a private investigator on January 1, 2010. The trial balance columns of the work sheet for Thomas Magnum, P.I. at March 31 are as follows:

Thomas Magnum, P.I.
Worksheet
For the Quarter Ended March 31, 2010

Prepare an income statement and owner's equity statement for the quarter and a classified balance sheet at March 31. T. Magnum did not make any additional investments in the business during the quarter ended March 31, 2010.

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This solution is comprised of a detailed explanation to prepare an income statement and owner's equity statement for the quarter and a classified balance sheet at March 31. Thomas Magnum did not make any additional investments in the business during the quarter ended March 31, 2010.

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