Here are some financial data relating to the business of Maélie Morin, owner of Nettoyeur Morin, as of December 31, 2016: Assets Operating Expenses Maellie Morin-Capital at January the 1 Maellie Morin-Withdrawals Liabilities Operating Revenues $55,260 $74,492 $22,000 $25,670 $105,260 Work to do. a) Prepare the income statement for the year ended December 31, 2016. b) Prepare the statement of equity for the year ended December 31, 2016. c) Prepare the company's balance sheet as of December 31, 2016. 0

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is