Accounting homework, Interpret and apply Generally Accepted Accounting Principles (GAAP)Completing this assignment will help you meet the following Course Outcomes:Interpret and apply Generally Accepted Accounting Principles (GAAP) to analyze, record, and report financial information for a service business using computerization.Evaluate a complete accounting cycle including the analysis, recording process from source documents, and transaction summary, through post-closing trial balance for a service business using computerization.Directions:After the success of the company’s first two months, Santana Rey continues to operate Business Solutions. The December 31, adjusted trial balance of Business Solutions follows:Required (100 points, 20 points each)Prepare an income statement for the month ended December 31.Prepare a statement of owner’s equity for the month ended December 31. (Note: The company just began operations on January 1)Prepare a balance sheet as of December 31.Record and post the necessary closing entries for Business Solutions. Then prepare a post-closing trial balance as of December 31.Based on your knowledge of GAAP, evaluate the financial statements you have prepared. How do you think the business is doing in its first year of operations? Would you invest in this business? Why or Why not?The post Accounting homework, Interpret and apply Generally Accepted Accounting Principles (GAAP) appeared first on Academic Essay Guru.