Introduction:

Imran had been running his windshield repair company successfully for a number of years, and was very pleased with its success. However, he lived a very busy life and was heavily involved with his family, including his kids’ various extracurricular activities. In order to maintain his work-life balance he admittedly left most of his accounting and bookkeeping work for the end of a fiscal period. It was now time to create the financial statements for fiscal 2023, and Imran was not looking forward to it. He wondered if his friend Vivian would be interested in helping since she took Business 1220E during university and knew a lot about the Statement of Earnings, Statement of Retained Earnings and a Statement of Financial Position. After compiling all the data he could find he presented it to Vivian, who upon a brief review realized that several accounts were still missing and that some did not seem appropriate for the official financial statements of Imran’s Windshield Repair Ltd.