Chapter 3: Step 7: Preparing Financial Statements
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What are the financial statements prepared from the adjusted trial balance?
income statement retained earnings statement balance sheet
What is taken from the adjusted trial balance that goes on the retained earnings statement?
retained earnings and dividends *also you take net income from income statement
What is taken from the adjusted trial balance that goes on the income statement?
revenues and expenses
Financial statements are prepared directly from the ________.
adjusted trial balance
What is taken from the adjusted trial balance that goes on the balance sheet?
all the asset accounts and liabilities and stockholders' equity accounts