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    luewhishes's Avatar
    luewhishes Posts: 1, Reputation: 1
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    #1

    Aug 10, 2014, 05:28 PM
    Free Help with Accounting Problems
    How do I

    [FONT=Times New Roman][SIZE=3][COLOR=#000000][/COLOR][/SIZE][/FONT][SIZE=3][COLOR=#000000]Preparinga single-step income statement, preparing a multi-step[/COLOR][/SIZE]
    [FONT=Times New Roman][SIZE=3][COLOR=#000000][/COLOR][/SIZE][/FONT][SIZE=3][COLOR=#000000]incomestatement, and computing the gross profit percentage[/COLOR][/SIZE]
    [FONT=Times New Roman][SIZE=3][COLOR=#000000][/COLOR][/SIZE][/FONT][COLOR=#000000]The records of Grade A Steak Companylist the following selected accounts for the[/COLOR]
    [FONT=Times New Roman][SIZE=3][COLOR=#000000][/COLOR][/SIZE][/FONT][COLOR=#000000]quarter ended April 30, 2015:[/COLOR]
    [FONT=Times New Roman][SIZE=3][COLOR=#000000][/COLOR][/SIZE][/FONT][COLOR=#000000]Learning Objectives 5, 6[/COLOR]
    [FONT=Times New Roman][SIZE=3][COLOR=#000000][/COLOR][/SIZE][/FONT][COLOR=#000000]2.Operating Income $71,900[/COLOR]
    [FONT=Times New Roman][SIZE=3][COLOR=#000000][/COLOR][/SIZE][/FONT][COLOR=#000000] [/COLOR]
    [FONT=Times New Roman][SIZE=3][COLOR=#000000][/COLOR][/SIZE][/FONT][COLOR=#000000]InterestRevenue $ 800 Accounts Payable $ 17,000[/COLOR]
    [FONT=Times New Roman][SIZE=3][COLOR=#000000][/COLOR][/SIZE][/FONT][COLOR=#000000] [/COLOR]
    [FONT=Times New Roman][SIZE=3][COLOR=#000000][/COLOR][/SIZE][/FONT][COLOR=#000000]MerchandiseInventory 45,100 Accounts Receivable 33,500[/COLOR]
    [FONT=Times New Roman][SIZE=3][COLOR=#000000][/COLOR][/SIZE][/FONT][COLOR=#000000] [/COLOR]
    [FONT=Times New Roman][SIZE=3][COLOR=#000000][/COLOR][/SIZE][/FONT][COLOR=#000000]NotesPayable, long-term 47,000 Accumulated Depreciation—Equipment 37,600[/COLOR]
    [FONT=Times New Roman][SIZE=3][COLOR=#000000][/COLOR][/SIZE][/FONT][COLOR=#000000] [/COLOR]
    [FONT=Times New Roman][SIZE=3][COLOR=#000000][/COLOR][/SIZE][/FONT][COLOR=#000000]SalariesPayable 2,400 Angus, Capital, Jan. 31 53,300[/COLOR]
    [FONT=Times New Roman][SIZE=3][COLOR=#000000][/COLOR][/SIZE][/FONT][COLOR=#000000] [/COLOR]
    [FONT=Times New Roman][SIZE=3][COLOR=#000000][/COLOR][/SIZE][/FONT][COLOR=#000000]SalesDiscounts 2,000 Angus, Withdrawals 20,000[/COLOR]
    [FONT=Times New Roman][SIZE=3][COLOR=#000000][/COLOR][/SIZE][/FONT][COLOR=#000000] [/COLOR]
    [FONT=Times New Roman][SIZE=3][COLOR=#000000][/COLOR][/SIZE][/FONT][COLOR=#000000]SalesReturns and Allowances 7,500 Cash 7,600[/COLOR]
    [FONT=Times New Roman][SIZE=3][COLOR=#000000][/COLOR][/SIZE][/FONT][COLOR=#000000]SalesRevenue 296,100 Cost of Goods Sold 162,100[/COLOR]
    [FONT=Times New Roman][SIZE=3][COLOR=#000000][/COLOR][/SIZE][/FONT][COLOR=#000000]RentExpense (Selling) 21,780 Equipment 130,600[/COLOR]
    [FONT=Times New Roman][SIZE=3][COLOR=#000000][/COLOR][/SIZE][/FONT][COLOR=#000000]OfficeSupplies 5,700 Interest Payable 1,200[/COLOR]
    [FONT=Times New Roman][SIZE=3][COLOR=#000000][/COLOR][/SIZE][/FONT][COLOR=#000000]UnearnedRevenue 13,300 Rent Expense (Administrative) 9,780[/COLOR]
    [FONT=Times New Roman][SIZE=3][COLOR=#000000][/COLOR][/SIZE][/FONT][COLOR=#000000]InterestExpense 2,000 Utilities Expense (Selling) 10,890[/COLOR]
    [FONT=Times New Roman][SIZE=3][COLOR=#000000][/COLOR][/SIZE][/FONT][COLOR=#000000]DepreciationExpense—Equipment (Administrative) 1,630 Delivery Expense (Selling) 3,630[/COLOR]
    [FONT=Times New Roman][SIZE=3][COLOR=#000000][/COLOR][/SIZE][/FONT][COLOR=#000000]UtilitiesExpense (Administrative) 4,890[/COLOR]
    [FONT=Times New Roman][SIZE=3][COLOR=#000000][/COLOR][/SIZE][/FONT][SIZE=3][COLOR=#000000]Requirements[/COLOR][/SIZE]
    [FONT=Times New Roman][SIZE=3][COLOR=#000000][/COLOR][/SIZE][/FONT]
    1. Prepare asingle-step income statement
    2. Prepare a multi-stepincome statement

    [FONT=Times New Roman][SIZE=3][COLOR=#000000][/COLOR][/SIZE][/FONT][COLOR=#000000] [/COLOR]
    [FONT=Times New Roman][SIZE=3][COLOR=#000000][/COLOR][/SIZE][/FONT][COLOR=#000000]3. M. Davidson, manager of the company, strives to earn a grossprofit percentage[/COLOR]
    [FONT=Times New Roman][SIZE=3][COLOR=#000000][/COLOR][/SIZE][/FONT][COLOR=#000000]of at least 50%. Did Grade A achieve this goal? Show yourcalculations.[/COLOR]
    [FONT=Times New Roman][SIZE=3][COLOR=#000000][/COLOR][/SIZE][/FONT]
    ma0641's Avatar
    ma0641 Posts: 15,675, Reputation: 1012
    Uber Member
    		  
    #2

    Aug 10, 2014, 06:10 PM
    Please look at your post. This is what happens when you just copy homework!
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #3

    Aug 11, 2014, 06:21 AM
    For a single step income statement you simply have one line for your revenues, one line for all of your expenses, and a final line for your Net Income.

    A multi step income statement you have one line for each item, so use your accounting textbook for the proper format of a multi-step income statement.
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
    		  
    #4

    Aug 11, 2014, 07:01 AM
    I just don't know why we bother
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