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Case of balance sheet, income statement and statement of cash flows
Required:
a. Using either T-accounts or a hand-drawn spreadsheet, prepare a transactions analysis for GLBC from its date of incorporation until December 31, 2016.
b. Prepare a balance sheet, income statement and statement of cash flows (direct method) for the period ending December 31, 2016.
c. Prepare a reconciliation of the cash provided by operations from the statement of cash flows to GLBC’s net income for the period.
d. Based on your financial statements, what is the value of each brother’s equity in GLBC as of December 31, 2016?
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