Week 2

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Note: Exercise E4-19 should be used only after completing Exercise E4-18 .

E4-19 Preparing financial statements from the completed worksheet

Learning Objectives 1, 2

2. Ending Capital $38,200

Use your answer from Exercise E4-18 to prepare Voice Link’s financial statements.

Requirements

1. Complete the income statement for the month ended November 30, 2016. 2. Complete the statement of owner’s equity for the month ended November 30, 2016.

Assume there were no contributions made by the owner during the month. 3. Complete the classified balance sheet as of November 30, 2016. Use the report form.

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E4-20 Preparing closing entries from an adjusted trial balance

Learning Objective 3

The adjusted trial balance of Smith Sign Company follows:

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Requirements

1. Assume Smith Sign Company has a January 31 year-end. Journalize Smith’s closing entries at January 31.

2. How much net income or net loss did Smith earn for the year ended January 31? How can you tell?

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