Chapter 4, Problem 4.26EX

To determine

Financial statement

A financial statement is the complete record of financial transactions that take place in a company at a particular point of time. It provides important financial information like assets, liabilities, revenues and expenses of the company to its internal and external users. It helps them to know the exact financial position of the company. There are four basic financial statements; they are:

• Balance Sheet
• Income statement
• Statement of owners’ equity
• Statement of cash flows

To Prepare: An income statement for the year ended October 31, 2019.