The effects of transactions occurring during 2016 and their related end-of-year adjustments have been recorded below using the accounting equation.
Required:
With your knowledge of transaction analysis using an accounting equation,
a)Prepare an income statement for 2016,and
b)Prepare a statement of cash flows for 2016.Precede a cash outflow amount with a minus sign.
Definitions:
Midclavicular Line
An imaginary line running vertically down the surface of the body from the midpoint of the clavicle, used as a reference in medical examinations.
Intercostal Space
The anatomical area between two ribs, which contains muscles, nerves, and blood vessels.
Tympany
A drum-like sound produced during percussion of a body cavity with significant air content, often heard in the abdomen.
Xiphoid Process
The small, cartilaginous projection at the lower end of the sternum, which can become ossified in adults.
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