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    dowlichr's Avatar
    dowlichr Posts: 1, Reputation: 1
    New Member
     
    #1

    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!


    Thanks
    CliffARobinson's Avatar
    CliffARobinson Posts: 1,416, Reputation: 101
    Ultra Member
     
    #2

    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.

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