Three statements from one worksheet; headings that say "for the month" or "at"

From columns to statements

The worksheet's last line holds everything three statements need. The retained earnings column's movements become the income statement and the statement of retained earnings; every column's closing total becomes the balance sheet.

Worked example — Northlake's November

Income statement — a period statement, so its heading says for the month ended:

Northlake Nordic Centre Inc.
Income Statement
For the month ended 30 November 2025

Service revenue                    18,500
Wages expense                       9,600
Net income                          8,900

Statement of retained earnings — also a period statement:

Northlake Nordic Centre Inc.
Statement of Retained Earnings
For the month ended 30 November 2025

Retained earnings, 1 November            0
Add: net income                      8,900
Less: dividends declared             5,000
Retained earnings, 30 November       3,900

Balance sheet — a position at an instant, so its heading says at:

Northlake Nordic Centre Inc.
Balance Sheet
At 30 November 2025

Cash                     19,700     Bank loan payable        400,000
Supplies                  4,200     Accounts payable          46,000
Property, plant and                 Unearned revenue          30,000
  equipment             706,000     Total liabilities        476,000
                                    Common shares            250,000
                                    Retained earnings          3,900
Total assets            729,900     Total liabilities
                                      and equity             729,900

The 3,900 on the balance sheet is not a new number — it is the closing line of the statement of retained earnings, which in turn took the 8,900 from the income statement. That chain is the whole point of the next lesson.

Two ASPE-acceptable income statement formats

The November statement is single-step: all revenues, then all expenses, then net income. A multi-step statement inserts subtotals — gross profit for a merchandiser, operating income before other income and expense, income before tax. ASPE accepts either; small private companies mostly use single-step, and a case that says "prepare a multi-step income statement" is telling you the subtotals are marked. Module 6 builds the multi-step form.

Headings are marked

A heading has three lines — who, what, when — and the when line is where marks go. The income statement and the statement of retained earnings cover a period: for the month ended 30 November 2025, for the year ended 31 December 2025. The balance sheet is a snapshot: at 30 November 2025 (or as at). Writing "for the year ended" on a balance sheet, or "at 31 December" on an income statement, is a heading error that costs the heading mark on a statement that was otherwise perfect.

One more word to get right: the statement of retained earnings deducts dividends declared. Northlake declared and paid on the same day, so the distinction did not bite; when a case declares in December and pays in January, the December statement deducts the full amount and the balance sheet shows Dividends Payable.