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The ledger accounts of the Fabulous Muscles Gym at June 30, 2015 are shown below:
Instructions
Prepare a trial balance with the ledger accounts arranged in the proper financial
statement order. Include the appropriate heading.
Answer:
Comparative information taken from the Foren Company financial statements is shown
below:
Instructions
Using horizontal analysis, show the percentage change from 2015 to 2016 with 2015 as
the base year.
Answer:
The multiple-step form of income statement is easier to read than the single-step form.
Answer:
A new sales representative, Jiggs Lucero, has just received his copy of the month-end
financial reports. He is puzzled by the term "unearned revenue." He left the following
e-mail message for you on the company's bulletin board system:
What is this??? Creative Accounting, or what??? Line item 12 on year-to-date financials
shows over $25Gs in Unearned Revenue!!! Come on, guys! Either we earned it, or we
didn't ... Right??! Is this how you guys lower our commissions? Reply to j.lucero@sbd
Answer:
The adjusted trial balance of J. W. Hatch Company appears below.
Instructions
Using the information given, prepare the year-end closing entries.
Answer:
