Chapter 7
Corporations: The Financial Statements
349
Required
a) Prepare a multi-step income statement for the year ended September 30, 2016 under
ASPE.
b) The balance of retained earnings in the adjusted trial balance represents the beginning
balance at October 1, 2015. No dividends were declared during the year. Prepare a
statement of retained earnings for the year ended September 30, 2016.
