Chapter 2, Problem 2.13P

To determine

Worksheet:

A worksheet is the summarized form of accounting information which is made in order to ensure that the accounts are made properly.

Income statement:

This is the financial statement of a company which shows all the revenues earned and expenses incurred by the company over a period of time. It is prepared to find out the net income of an organization.

Stockholders’ Equity statement:

Stockholders’ equity statement shows the change in the equity account and net income for the given period of time.

Balance sheet:

Balance sheet is a financial position statement which represents all the assets, liabilities, and stockholders’ equity of a concern on a particular date. The balance sheet displays that on a particular date all the assets of a concern must be equal to the sum of liabilities and stockholders’ equity.

To Prepare and Complete: A worksheet.

To determine

To Prepare: An income statement for the year ended December 31, 2016.

To determine

To Prepare: A statement of stockholders’ equity for the year ended December 31, 2016.

To determine

To Prepare: A balance sheet as on December 31, 2016.

To determine

To Prepare: The closing entries as on December 31, 2016.