What financial statements need to be prepared for Bandelier Industries based on the given data?

To prepare the financial statements for Bandelier Industries, we need to create an income statement, a retained earnings statement, and a balance sheet for the month ended July 31, 2023. The income statement will show the company's revenues, expenses, and net income for the period. The retained earnings statement will indicate the change in retained earnings from the beginning to the end of the month. Finally, the balance sheet will present the company's assets, liabilities, and equity as of July 31, 2023.

Preparing Financial Statements for Bandelier Industries

21 Jan 2022

Income Statement

Revenues: Amount to be determined based on available data

Expenses: Amount to be determined based on available data

Net income: Calculated as Revenues - Expenses

Retained Earnings Statement

Retained Earnings, July 1: Beginning balance of retained earnings

Add: Net income for the month

Less: If applicable, dividends paid during the month

Retained Earnings, July 31: Ending balance of retained earnings

Balance Sheet

Assets: List all assets owned by the company as of July 31, 2023

Liabilities: List all debts and obligations as of July 31, 2023

Equity: Calculate equity as Assets - Liabilities

Identifying Missing Amounts

To compute the missing amount in each category of the accounting equation (Assets = Liabilities + Equity), we need to list all available figures and unknowns in each category. The missing amount will be the sum of the remaining categories to balance the equation.

It's important to carefully analyze the financial data provided and apply the basic principles of accounting to prepare accurate and meaningful financial statements for Bandelier Industries.

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Income Statement

Retained Earnings Statement

Balance Sheet

Identifying Missing Amounts

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