how often is a worksheet usually prepared?
1. A worksheet is a mandatory form that must be prepared along with an income statement and balance sheet. 2. If a worksheet is used, financial statements can be prepared before adjusting entries are journalized. 3. If total credits in the income statement columns of a worksheet exceed total debits, the enterprise has net income. 4. It is not necessary to prepare formal financial statements if a worksheet has been prepared because financial position and net income are shown on the worksheet. 5. The adjustments on a worksheet can be posted directly to the accounts in the ledger from the worksheet. 6. The adjusted trial balance columns of a worksheet are obtained by subtracting the