Assignment
Create a full set of financial statements for 2016, with 2015 presented for comparison purposes, based on the trial balances provided. The statements I need are the balance sheet, income statement, statement of stockholder's equity, and a cash flow statement (indirect method). The completed financial statements must be created in Excel using a format that is acceptable under GAAP.
Additional information pertaining to CLC, Inc.
• The issuance of the 10 shares of no par common stock was made in the previous year (2015).
• 2015 was the first year of operations for CLC, Inc.
• Accounts receivable is presented at its net value in the trial balance. The allowance for doubtful accounts was $12,793 at 12/31/16. There was no allowance at 12/31/15.
• Note that credits are negative amounts and debits are positive amounts in the trial balance.
• Retained earnings in the trial balance includes the net income for the year as well as the prior year's RE balance.
Attachment:- Trial-Balances.rar