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We have added four more columns to our spreadsheet. We take the information from the adjusted trial balance and prepare the income statement. Once the income statement has been completed, we can prepare the balance sheet. The totals in the two columns for the income statement have a total for expenses in the debit column and total revenue in the credit column. Net income is the difference between the two amounts. Notice that we have added two rows to the bottom of our spreadsheet that must be completed. Let’s see how we prepare the income statement and balance sheet. * First, we subtract total expenses of $4,365 from total revenues of $8,150 to determine net income of $3,785. We move the income to the debit column so that our column totals will be the same. We are not implying that income has a debit balance but simply that when we put it in the debit column, we get the totals straight. Next, we move net income to the credit side of the balance sheet because we know it will increase the owner’s equity account. To make sure it appears in the proper side of the balance sheet, we place net income on the credit side of the balance columns. By doing this you can see that our balance sheet is in balance. Using an electronic spreadsheet saves us a great deal of time and effort. The math is automatically recalculated and we can make sure the books remain in balance. We encourage you to use this type of spreadsheet, where appropriate, to complete your homework assignments. * After the work sheet is complete, we can prepare the formal financial statement. All of the amounts on FastForward’s income statement are taken from the income statement columns on the work sheet. * After completing the income statement, we prepare the statement of owner’s equity. Once again, we add the net income and investment amounts together and subtract any withdrawals to arrive at the ending capital balance of $33,585. Once the income statement of owner’s equity is prepared we are ready to prepa
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