The adjusted trial balance for Okabe Company is presented bellow

Okabe Company
Adjusted Trial Blance
July 31, 2020

Instructions

Prepare an income statement and an owner's equity statement for the year. Okabe did not make any new investments during the year.
Prepare a classified balance sheet at July 31, 2019.

Solution

Okabe Company
Income Statement
For the Year Ended July 31, 2019

Okabe Company
Owner's Equity Statement
For the Year Ended July 31, 2019

Okabe Company
Classified balance sheet
July 31, 2019

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Completing the Accounting Cycle

Problem-23: Completing the Accounting Cycle

Instructions

Solution

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