Category Archive for: The Accounting Cycle Preparing an Annual Report


As explained in Chapter 3, the income statement, statement of owner’s equity, and balance sheet can be prepared directly [rom the amounts listed in the adjusted trial balance. (For illustrative purposes, we !1<.VC made marginal notes beside the adjusted trial balance indicating which accounts appear in which financial statements.) Overnight’s financial statements for the year ended December 31,2002,…

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The Accounting Cycle Preparing an Annual Report

No one can accuse Genzyme Corp., the biotech giant based In Cambridge, Mass., of being a technolog icallaggard. Its scientists work at theforeiront of biological research, while computer-controlled production equipment churns out bundreds of different advanced compounds. Cowie is right about the Year 2000-and there’s growing evidence that he Is-a lot of businesses are in for a…

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