(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.
Statement of retained earnings: This statement reports the beginning retained earnings and all the changes which led to ending retained earnings. Net income from income statement is added to and dividends is deducted from beginning retained earnings to arrive at the end result, ending retained earnings.
To prepare: Income statement of HD Company for the year ended December 31, 2018
(2)
To prepare: Statement of retained earnings of HD Company for the year ended December 31, 2018.
(3)
To prepare: Balance sheet of HD Company as of December 31, 2018
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Horngren's Financial & Managerial Accounting, The Financial Chapters (6th Edition)
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