Concept Introduction:
Income statement and the balance sheet are called the financial statements of a company. Income statement is a statement use to record the income and the related expenses of the company for the corresponding period (or the financial year), while the Balance sheet is used to record the overall assets and liabilities of the company.
Both
To Prepare:
1) a) Income statement for the year ended December 31, 2017.
b) The statement of owner’s equity for the year ended December 31, 2017.
c) The balance sheet as of December 31, 2017.
2) Profit margin for year 2017 (use total revenues as denominator).
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Fundamental Accounting Principles
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