The adjusted trial balance of Georgian Protection at December 31, 2017, is shown below:
Required
1. Prepare Georgian Protection’s 2017 income statement, statement of owner’s equity, and balance sheet. List expenses in decreasing-balance order on the income statement and show total liabilities on the balance sheet. If your three appear on one page, draw the arrows linking the three If they are on separate pages, write a short paragraph describing how the three are linked. How will what you have learned in this problem help you manage a business?
2. a. Which financial statement reports Georgian Protection’s results of operations? Were operations successful during 2017? Cite specifics from the to support your evaluation.
b. Which statement reports the company’s financial position? Does Georgian Protection’s financial position look strong or weak? Give the reason for your evaluation.
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