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

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.