Question: Preparing financial statements with two sources of revenue and a net loss Forms are given in the Working Papers. The information below is obtained from the work sheet of LawnMow for the month ended October 31 of the current year.
Instructions: 1. Prepare an income statement for the month ended October 31 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%.
Instructions: 1. Prepare an income statement for the month ended October 31 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 October 31 of the current year.3. Prepare a balance sheet for October 31 of the current year.