Ask Experts Questions for FREE Help !
    dowlichr's Avatar
    dowlichr Posts: 1, Reputation: 1
    New Member

    Sep 6, 2006, 05:35 PM
    Multi-Step Income Statement & Classified Balance Sheet Help!
    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!

    CliffARobinson's Avatar
    CliffARobinson Posts: 1,416, Reputation: 101
    Ultra Member

    Jan 30, 2012, 05:18 PM
    There is a great, free Accounting educational resource from Jacksonville State University College of Commerce and Business Administration. 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.

Not your question? Ask your question View similar questions


Question Tools Search this Question
Search this Question:

Advanced Search

Check out some similar questions!

Classified Balance Sheet [ 3 Answers ]

How do you make one of these?

Classified Balance Sheet [ 3 Answers ]

I have I question regarding classified balance sheets. If expenses and revenue are listed and I have to create a classified balance sheet with those items above, assets, liabilities, and stockholders equity, how would I incorporate the revenue and expenses??

Classified Balance Sheet problem to solve.. [ 1 Answers ]

I need help on this.. a) How is a classified balance sheet displayed in terms of assets? Provide some examples. How are liabilities being displayed? Provide some examples. And b) What kind of information can be derived from this statement? What can it tell an investor or creditor about a...

Homework Assignment - Income Statement Balance [ 2 Answers ]

A-1 Photography Homework Assignment: Income Statement (Balance) Adjusted Trial Balance Entries: (Month Ending September 30, 2006) Service Revenue: Photographic Service Revenue 4,700 Expenses: Adjusted Trial Balance Amount:

Accounting (help with a classified balance sheet) [ 1 Answers ]

Hello people I'm new here, and I'm studying for an accounting exam, and I'm studying up and practising but there is one exercise that I can't make heads or tail of it and I hope you guys can help. This is a partial adjusted trial balance and it shows the necessary accounts to prepare a...

View more questions Search