Chapter 1, Problem 4APSA

To determine

Financial Statements:

Financial statements are financial records of the entities transactions for a given reporting period and indicate the financial health of an entity. They comprise of:

1. Income Statements and Notes to Income Statement,
2. Balance Sheets and,
3. Cash flow statements.

Income Statements and Notes to Income Statement record the results of the company’s operations during a particular reporting period and provide information about the sources of funds and expenses of an entity.

To Prepare:

Income Statement for the year 2015