(1)
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.
To prepare: Income statement of SS for the month ended July 31, 2017
(2)
Statement of
To prepare: Statement of retained earnings of SS for the month ended July 31, 2017
(3)
Balance sheet: This financial statement reports a company’s resources (assets) and claims of creditors (liabilities) and stockholders (
To prepare: Balance sheet of SS as of July 31, 2017
(4)
Debt ratio: The financial ratio which gauges the percentage of assets financed by debt is referred to as debt ratio.
Formula to compute debt ratio:
The debt ratio of SS as of July 31, 2017
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Horngren's Financial & Managerial Accounting, The Financial Chapters (Book & Access Card)
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