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Project 2

1. Project 2

Project 2: Financial Statements

Project 2: Financial Statements

 

Project Introduction

 

In Project 1 you used the amounts from the ledger to complete a worksheet. In Project 2 you will use the information that was prepared on the worksheet to complete financial statements for the company. Financial statements summarize data and provide financial information about the business to the owners, management, creditors, and the government. Rather than looking at the books and records of the business, it is more efficient to look at these summarized statements. Go to the Interactive Accounting Cycle and click on “Step 6. Financial Statements.”


In this project there will be three training rooms in which you will complete the following financial statements using the data from the worksheet you prepared in Project 1:

  • the income statement
  • the balance sheet
  • the statement of owner’s equity

Continue on to Training Room 1, where Sakineh will step you through how to do a formal income statement.