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  • These Items Are Taken From The Financial Statements of Mbong

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    Bube Kachevska
    162 views2 pages
    This document provides financial information for Mbong Corporation for the year ended December 31, 2012, including that Mbong started the year with $30,000 in common shares and issued $4,200 more during the year. It also notes that $1,500 of Mbong's bank loan is due to be repaid within the next year. Students are instructed to prepare an income statement, statement of changes in equity, and statement of financial position for Mbong using the information provided, and to explain how the three financial statements are related.

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    These Items Are Taken From the Financial Statements of Mbong

    Original Title

    These Items Are Taken From the Financial Statements of Mbong

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    This document provides financial information for Mbong Corporation for the year ended December 31, 2012, including that Mbong started the year with $30,000 in common shares and issued $4,200 more during the year. It also notes that $1,500 of Mbong's bank loan is due to be repaid within the next year. Students are instructed to prepare an income statement, statement of changes in equity, and statement of financial position for Mbong using the information provided, and to explain how the three financial statements are related.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    162 views2 pages

    These Items Are Taken From The Financial Statements of Mbong

    Uploaded by

    Bube Kachevska
    This document provides financial information for Mbong Corporation for the year ended December 31, 2012, including that Mbong started the year with $30,000 in common shares and issued $4,200 more during the year. It also notes that $1,500 of Mbong's bank loan is due to be repaid within the next year. Students are instructed to prepare an income statement, statement of changes in equity, and statement of financial position for Mbong using the information provided, and to explain how the three financial statements are related.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    These items are taken from the financial statements of

    Mbong #8467
    These items are taken from the financial statements of Mbong

    These items are taken from the financial statements of Mbong Corporation for the year ended
    December 31, 2012:

    Additional information:

    1. Mbong started the year with $30,000 of common shares and issued $4,200 more during the
    year.

    2. $1,500 of the bank loan payable is due to be repaid within the next year.

    Instructions

    (a) Prepare an income statement, statement of changes in equity, and statement of financial
    position for the year.

    (b) Explain how each financial statement is related to the others.

    These items are taken from the financial statements of Mbong

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