Accounting: What the Numbers Mean
Accounting: What the Numbers Mean
12th Edition
ISBN: 9781308841380
Author: David H. Marshall, Wayne W. McManus, Daniel F. Viele
Publisher: McGraw Hill
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Chapter 9, Problem 9.29P
To determine

Concept Introduction:

Balance Sheet: The financial Statement that reports the total assets, total liabilities and owner's equity of the business refers to a balance sheet. Balance sheet is prepared for specific time period either monthly, quarterly, half yearly or even annually to evaluate a financial health of the business and determine the net worth of the business.

Requirement 1a:

To prepare:

The completed balance sheet of Harris Inc, for the year ended December 31st, 2017.

To determine

Concept Introduction:

Statement of Retained Earnings: The financial statement that represents the changes in retained earnings for a specified period refers to the statement of retained earnings. It measures the relationship between the company's profit and its distribution to the dividends payments to the shareholder's and retained earnings.

Requirement 1b:

To prepare:

The statement of changes in retained earnings of Harris Inc. for the year ended December 31st, 2017.

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