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Using the Adjusted Trial Balance to Prepare Financial Statements

17 August, 2015 - 14:06
LO4 – Use an adjusted trial balance to prepare financial statements.
 

Financial statements can now be prepared using the adjusted trial balance, in the same manner as shown in Chapter 2. The income statement is prepared first, followed by the statement of changes in equity:

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The balance sheet can be prepared once the statement of changes in equity is complete.

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