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dowlichr
Sep 6, 2006, 05:35 PM
Hi I'm new in studying accounting. I have quiz coming up tomorrow and I was wondering how I set up a Certified balance sheet and a multi-step income statement. The example we received was this.

On may 1st, 2006 Jane Win began the Jane Win Co. which owns a business selling gift items. She ivested 12,000 for 10,000 shares of capital stock. The account balances at May 31st 2006 are as follows:

Accounts reciables 5,200
Supplies expense- 1,750
Prepaid supplies - 650
equip. & furn (net of acc. Depre) 9,000

Dividends paids- 100
Salaries payable - 2,000
Long-term notes payable - 9,000
Inventory - 5,000
Interest expense - 100

Cost of goods sold- 7,000
Rent expense- 1,200
Accounts payable- 4,700
Cash - 5,900
Sales revenue - 20,000
Salary expense - 8,000
Advertising expense - 800
Depreciation expense - 1,000
Long term investment - 2,000
Income tax expense - 0



Can some one please help me out I really don't want to get lost in this subject!


Thanks

CliffARobinson
Jan 30, 2012, 05:18 PM
There is a great, free Accounting educational resource (http://ccba.jsu.edu/proficiency/Financial%20Statement%20Preparation.ppt") from Jacksonville State University College of Commerce and Business Administration (http://www.jsu.edu/ccba/). It is in PowerPoint format. (Link will bring you straight to downloadable .ppt file).

It will take you through making three Accounting Forms, including Balance Statement and Multi Step Income Statement.