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Financial Statements:

 

Below you will find a partial Trial Balance for Road Rally Sales, Incorporated.  A Trial Balance is a list of all accounts and their balances, which is used to check on the equality of all your recorded debits and credits that were discussed in the Anthony/Breitner text.  Notice that because you are working with debits and credits, the Trial Balance balances.  The accounts on the Trial Balance are usually listed by Balance Sheet accounts first, and then by Income Statement Accounts.  However, notice that the accounts on this Trial Balance are out of order:  The Balance Sheet Accounts are mixed up with the Income Statement Accounts.  Your task is to determine which accounts belong to which financial statement, Balance Sheet or Income Statement, and create those statements in the worksheets provided using the tabs below.  Make sure you use proper format (the X's are there for a reason), and remember:  The Balance Sheet must balance!

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