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LarsonFFS03 - Chapter 3 Focus on Financial Statements...

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F o c u s o n F i n a n c i a l S t a t e m e n t s O n l i n e FFS 3-1 C h a p t e r 3 Travis McAllister operates a surveying company. For the first few months of the com- pany’s life (through April), the accounting records were maintained by an outside book- keeping service. According to those records, McAllister’s owner’s equity balance was $75,000 as of April 30. To save on expenses, McAllister decided to keep the records him- self. He managed to record May’s transactions properly, but was a bit rusty when the time came to prepare the financial statements. His first versions of the balance sheet and income statement follow. McAllister is bothered that the company apparently operated at a loss during the month, even though he was very busy. Required Using the information contained in the original financial statements, prepare revised statements, including a statement of owner’s equity, for the month of May.
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