Concept Introduction:
Financial statements:
Financial statements are prepared to summaries the account at the end of the period. The statements prepared are Income statement,
Income Statement:
Income statement is one part of the financial statements of an entity. In this statement, Revenue and expenses for the period are presented Net Income is calculated by subtracting total expenses from total revenues.
Owner's Equity:
Statement on owner's Equity is the part of the financial statement which is prepared to calculate the owner's equity in the organization. Owner's Equity is the sum of Investment made by the owner as increased by the net income and subtracted by the withdrawals.
Requirement-1:
To Prepare:
The Income Statement of Wilson Trucking Company for the year ended Dec. 31
Concept Introduction:
Financial statements:
Financial statements are prepared to summaries the account at the end of the period. The statements prepared are Income statement, Balance sheet, Statement of owner's equity and Cash flows statements
Income Statement:
Income statement is one part of the financial statements of an entity. In this statement, Revenue and expenses for the period are presented Net Income is calculated by subtracting total expenses from total revenues.
Owner's Equity:
Statement on owner's Equity is the part of the financial statement which is prepared to calculate the owner's equity in the organization. Owner's Equity is the sum of Investment made by the owner as increased by the net income and subtracted by the withdrawals.
Requirement-2:
To Prepare:
The Statement of Owner's Equity of Wilson Trucking Company for the year ended Dec. 31
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