Overview
This third project requires you to prepare financial statements for a merchandising business. You are required to prepare the financial statements for its first year of operations:
- Fill in the missing dollar amounts (highlighted in yellow) for the company’s Adjusted Trial Balance dated 12/31/2025. You will be making up these amounts, so no two students’ projects should be the same. Just remember, the Debit column and Credit column Totals must equal!
- From the Adjusted Trial Balance, prepare the company’s multi-step income statement for the year ended 12/31/25.
- From the Adjusted Trial Balance, prepare the retained earnings statement for the year ended 12/31/25.
- From the Adjusted Trial Balance, prepare the classified balance sheet dated 12/31/25
- choose your own numbers for the yellow-highlighted amounts in the Adjusted Trial Balance. The professor expects every student to have different numbers, which will make each set of financial statements unique.