You only have to look at the last 2 sheets which are problem 7C given information and the required sheets I have done most of the work just having trouble with income statement and worksheet thanks so much

Tracy

You have your list of accounts with balances at May 31. You now need to put those balances in your worksheet. For example, Cash at May 31 is a debit of $135,911. The numbers in the "Unadjusted Trial Balance" should be the account balances prior to your adjusting journal entries ("additional information") and your closing entries. For example, your Revenue account on the unadjusted trial balance would show $156,422. I'm guessing this is where you are confused. The worksheet should have been started at the point where your transactions were posted, prior to posting adjusting journal entries and closing entries. The adjustment columns would be those "additional information" entries. After you insert all your balances in your worksheet, add the debit and credit columns. They should be equal. If not, you have a mistake somewhere. If so, you are ready to move on.

Your adjusted trial balance numbers get spread to the Balance Sheet and Income Statement columns based on which statement they belong, and then your Income Statement would be made based on those Income Statement columns from your worksheet. I didn't check your Income Statement so it may be right, but once you have your worksheet complete you will know if the IS is right.

1) Given the following information for the '09 year, prepare an Income Statement:
* Annual Volume of 8MM units
* Sales Price of $.75 per unit
* Gross Profit Percentage of 10%
* Sales & General Expense were 8% of Sales
* Accumulated Depreciation in '08 totaled 600M; in the
09 year the Total Accumulated Depreciation amount was 650M.
* Bank debt averaged 250M for the year; interest rate was 8%
* EPS was .10
* Tax rate is 40%
* There are 100M shares of common stock outstanding

1) Given the following information for the '09 year, prepare an Income Statement:
* Annual Volume of 8MM units
* Sales Price of $.75 per unit
* Gross Profit Percentage of 10%
* Sales & General Expense were 8% of Sales
* Accumulated Depreciation in '08 totaled 600M; in the
09 year the Total Accumulated Depreciation amount was 650M.
* Bank debt averaged 250M for the year; interest rate was 8%
* EPS was .10
* Tax rate is 40%
* There are 100M shares of common stock outstanding