Question & Answer: Using the balances from the trial balance below, prepare; a) The multi step income statement b) The statement of retained earnings c) The balance sheet…..

1. Using the balances from the trial balance below, prepare; a) The multi step income statement b) The statement of retained earnings c) The balance sheet

Land 45,000

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Buildings 6,000

Machinery 4,000

Mortgage 37,000

Dividends 6,000

Common stock 15,000

Inventories 6,100

Cash 4,000

CoGS 56,400

Interest revenue 3,200

Trade payable 3,705

Tax expense 7,730

Sales 80,875

Trade receivable 2,300

Admin expense 900

Selling expense 400

Interest expense 950

139,780 139,780

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Question & Answer: Using the balances from the trial balance below, prepare; a) The multi step income statement b) The statement of retained earnings c) The balance sheet..... 1

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