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Bundle: Financial & Managerial Acc...

13th Edition
Carl Warren + 2 others
ISBN: 9781305720619

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BuyFindarrow_forward

Bundle: Financial & Managerial Acc...

13th Edition
Carl Warren + 2 others
ISBN: 9781305720619

a)

To determine

Financial statements: Financial statements refer to those statements, which are prepared by the Company according to particular formats in accounting to show its financial position. The financial statements consist of the balance sheet, income statement, statement of retained earnings, and the cash flow statement.

Income statement: Income statement is a financial statement that shows the net income or net loss by deducting the expenses from the revenues and vice versa.

Statement of stockholder’s equity: This statement reports the beginning stockholder’s equity and all the changes which led to ending stockholder’s’ equity

Balance Sheet: Balance Sheet summarizes the assets, the liabilities, and the Shareholder’s equity of a company at a given date. It is also known as the statement of financial status of the business.

To prepare: The income statement for the year ended December 31, 2016 for NT Agency.

Explanation

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