1.
Income Statement: Income Statement is a financial statement that is prepared by all the companies by enumerating all the expenses and revenues to calculate the resulting difference of Net
To prepare: Company’s income statement for the year ended December 31, 2016.
2.
Retained Earnings Statement: Retained Earnings Statement is the statement showing the balance of retained earnings left at the end of the period after including the net profit for the period and distributing the dividend to the shareholders.
To prepare: Company’s statement of retained earnings for the year ended December 31, 2016.
3.
To prepare: Company’s classified balance sheet at December 31, 2016.
4.
Closing entries: Closing entries are recorded in order to close the temporary accounts such as incomes and expenses by transferring them to the permanent accounts such as retained earnings. It is passed at the end of the accounting period, to transfer the final balance.
To Prepare: The closing entries for BI System at December 31, 2016.
5.
To calculate: The Company’s current ratio at December 31, 2016.
Formula:
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Horngren's Financial & Managerial Accounting, The Financial Chapters (Book & Access Card)
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