following is an adjusted trial balance for lc associates for the year ended december 31 2009
Required:
(a) Prepare an income statement for LC & Associates for the year ended December 31, 2009.
(b) Prepare a classiï¬ed balance sheet for LC & Associates as of December 31, 2009.
(c) Identify three general classes of ï¬nancial statement users who might make economic decisions based on the ï¬nancial statements of LC & Associates. How might errors in the ï¬nancial statements affect such decisions?
