Creating Financial Statements, and Closing Entries
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The following requirements are for the balance sheet of Fugazy Investment Advisers, Inc. which is attached.
1. Enter the account data in the Trial Balance columns of a worksheet, and complete the worksheet through the Adjusted Trial Balance. Key each adjusting entry by the letter corresponding to the data given. Leave a blank line under Service revenue.
2. Prepare the income statement, the statement of retained earnings, and the classified balance sheet in account format.
3. Prepare closing journal entries from the worksheet.
4. Did the company have a good or a bad year during 2012? Give the reason for your answer.
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Solution Summary
This file contains detailed instructions of the creation of a financial worksheet, accounting adjustments and entries to the worksheet, as well as the resulting financial statements, including balance sheets, income statements, and statement of retained earnings.
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