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Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition by Donald E. Kieso, Paul D. Kimmel, Jerry J. Weygandt

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EXERCISE 4-3

Purpose: (L.O. 1, 6) This exercise will illustrate the preparation of financial statements from information contained in the worksheet.

A worksheet is a tool used by most accountants to aid in the organization of data for the preparation of financial statements.

Instructions

Refer to the Solution to Exercise 4-2. Use the completed worksheet for Carl's Video Service, Inc. to:

(a) Prepare an income statement for the year ending April 30, 2014.

(b) Prepare a retained earnings statement for the year ending April 30, 2014.

(c) Prepare a classified balance sheet at April 30, 2014.

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