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Accounting At Your Fingertips, 2e by George Murray, CPA.

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11.4 Generating Financial Statements

The Income Statement

The Balance Sheet

The Statement of Cash Flows

In this subchapter, we look at producing statements for the year with a quick review of the balance sheet and income statement. In addition, we show you how to prepare the year-end statement of cash flows to find out how well you’re managing your cash.

The Income Statement

When you’ve arrived at your adjusted trial balance, you’re ready to compile your financial statements for the year. Here, too, the procedure is very similar to what you do if you generate monthly statements. If the totals of debits and credits in your adjusted trial balance are equal, you’re ready to put together your income statement. You can do this by simply placing ...

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