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The purpose of this case assignment is to practice preparing financial statements

Accounting

The purpose of this case assignment is to practice preparing financial statements. In this case, you will assume the role of Mr. Hurley, an accountant hired to prepare the accounts. Complete the following:

  1. As Mr. Hurley, record the transactions that have taken place in the business up to March 31, 2006, in the general ledger on the Excel worksheet.
  2. From these entries, prepare a statement of income in proper format for the period ending March 31, 2006.
  3. From these entries, prepare a balance sheet in proper format as of March 31, 2006.
  4. Based on your financial statements, what is the value of each brother's equity in the company?

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