Why is it necessary to prepare formal financial statements if all of the data are in the statement columns of the worksheet?

. Why is it necessary to prepare formal financial statements if all of
the data are in the statement columns of the worksheet?

Identify the account(s) debited and credited in each of the four
closing entries, assuming the company has net income for the year.

. Describe the nature of the Income Summary account and identify
the types of summary data that may be posted to this account.