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Prepare a multi-step income statement

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Reference no: EM13325509

Moran Enterprises, Inc., has the following account balances and other information in alphabetical order at Dec. 31, 2012. All balances are as of the end of the year except Retained Earnings.

Accounts Payable $15,000
Accounts Receivable $ 24,000
Cash 12,000
Capital Stock 65,000
Cost of goods 120,000
Equipment, net of accumulated depreciation 75,000
Dividends 14,000
Income tax expense 10,000
Interest expense 5,000
Inventory 33,000
Operating expenses
Retained earning , Jan 1, 2012, $19,000
Sales revenue 220,000
Unearned revenue 21,000

Required:

Prepare a multi-step income statement and a classified balance sheet in proper form using accrual accounting.

Reference no: EM13325509

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