BRACC × MGO | US Tax Internship Training
Trial Balance → P&L + Balance Sheet
Very basic financial-statement exercise. Use the Trial Balance below to prepare a simple Profit & Loss Statement and Balance Sheet.
Assigning your case…
Your task:
- Pick the Revenue and Expense accounts and prepare the P&L.
- Calculate Net Income.
- Pick the Asset, Liability and Equity accounts and prepare the Balance Sheet.
- For this exercise, add current-year Net Income to Equity. Accumulated Depreciation reduces Equipment.
| Account | Debit | Credit |
|---|---|---|
| Trial Balance Total |
Final Check
When your statements are ready, enter the two final numbers below.
MGO training use only • BRACC Tax Lab