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xcnider
Dec 23, 2008, 08:01 AM
My assignment is to prepare Multiple-step Income Statement and the Balance Sheet

The data are as followed
Account Receivable......900
Merchandise Inventory(Beginning Balance).....1500
Purchase.....6000
Sales...........15000
Sales Return and Allowance..........1000
Building.................6000
Accumulated Depreciation-Building.........2000
Notes Payable...........1500
Common Stock.................10000
Freight in................200
Rent Expense............100
Supplies...........50
Supplies Expense............600
Cash................10000
Interest Income...............800

Ending Balance of Merchandise Inventory.....3000

The Net Income I got from the multiple-step income is 9400.... and when I try doing the balance sheet, the asset just does not equal to liabilities and stockholder's equity....



I got the