accounting 2,3

Module 02: Practice Problem 03 - Balance Sheet and Income Statement

In this exercise you will complete a balance sheet and income statement in proper form.

If you are familiar with Microsoft Excel, you can use the excel, or you can use word, or write it out and scan and upload your file.

Prepare a basic balance sheet and income statement for Robson Corporation using the data below. Hint: The balance in “Retained earnings” is as of January 1, 2020, because the temporary accounts have not yet been closed out for the year. Make sure to update retained earnings to make your balance sheet balance!

Data to Enter:

The following is a trial balance for Robson Corporation at December 31, 2020:

Module 02 Practice Problem 3.jpg

When you have completed your attempt compare and contrast your solution with the model solution below. Please be sure to prepare your statements in proper form and practice completing these statements as many times as you need to ensure mastery of the material.