Note that this is a rather difficult problem you are asked

Reference no: EM13583760

Open your corrected CCC3 file. Complete the required activities for CCC4.

Note that this is a rather difficult problem. You are asked to prepare financial statements and prepare and post closing entries, but you were not given the specific transactions for December. Instead, you are given the Adjusted Trial Balance for Dec. 31. I recommend that you take the balances on the ATB and write them in the correct ledger accounts. Just make a note to yourself in each ledger that this is the "Dec. 31 balance." Of course, if we were REALLY doing a set of books, we would have posted the entries for Dec. and this wouldn't be necessary.

Natalie had a very busy December.At the end of the month,after journalizing and posting the December transactions and adjusting entries. Natalie prepared the following adjusted trial balance.

Instructions:Using the information in the adjusted trial balance, do the following.Prepare an income statement and a statement of owner%u2019s equity for the 2 months ended December 31, 2009, and a classified balance sheet as at December 31, 2009. The note payable has a stated interest rate of 6%, and the principal and interest are due on November 16, 2011.Natalie has decided that her year-end will be December 31, 2009. Prepare and post closing entries as of December 31, 2009.Prepare a post-closing trial balance.

Reference no: EM13583760

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