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Greenland
Jan 31, 2007, 11:58 AM
Hi, I'm trying to make a multi-step income statement. I am given account balances for cash, A/R, inventory, supplies in the store, prepaid rent, accounts payable, common stock, and retained earnings. How do I find the amounts to plug into the statement... such as finding the figures for Net Sales, Cost of Goods, Administrative Expenses, and Net Income?

CaptainForest
Jan 31, 2007, 06:27 PM
The accounts you gave relate to a balance sheet.

While some can be used to help compile an income statement, were you not given any more information?

Such as transactions or additional notes/comments?