Concept explainers
a.
Introduction: Financial statements plays a key role in a company’s decision-making process. A financial statement refers to a statement that shows a company’s growth and revenues. It mostly includes the Income statement, balance sheet, Owner’s equity statement, and
To prepare: The income statement, owner’s equity statement, and balance sheet as of June 30, 2020.
b.
Introduction: Financial statements plays a key role in a company’s decision-making process. A financial statement refers to a statement that shows a company’s growth and revenues. It mostly includes the Income statement, balance sheet, Owner’s equity statement, and trial balance.
To prepare: Revised Income statement, owner’s equity, and balance sheet as of June 30 after adjustments.
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