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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

What Do You Think?

You work as an accounting clerk. You have received the following information supplied by a client, S. Winston, from the client’s bank statement, the client’s tax returns, and a variety of other July documents. The client wants you to prepare an income statement, a statement of owner’s equity, and a balance sheet for the month of July for Winston Company.

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To determine

Prepare an income statement of Company W for the month ended July 31.

Explanation

Income statement: The financial statement which reports revenues and expenses from business operations, and the result of those operations as net income or net loss for a particular time period is referred to as income statement.

Prepare an income statement of Company W for the month ended July 31.

Company W
Income Statement
For the Month Ended July 31
To determine

Prepare a statement of owners’ equity of Company W for the month ended July 31 (Refer to Table (1) for net income).

To determine

Prepare a balance sheet for Company W, as at July 31 (Refer to Table (2) for SW, Capital).

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