Question: Preparing financial statements with a net loss Forms are given in the Working Papers. The following information is obtained from the work sheet of Rolstad Repair Service for the month ended September 30 of the current year.
Instructions: 1. Prepare an income statement for the month ended September 30 of the current year.
2. Calculate and record the component percentages for total expenses and net loss. Place the percentage for net loss in parentheses to show that it is for a net loss. Round percentage calculations to the nearest 0.1%.
3. Prepare a balance sheet for September 30 of the current year.