Question: The following account balances were included in the trial balanc

The following account balances were included in the trial balance of Twain Corporation at June 30, 2012.

The Retained Earnings account had a balance of $337,000 at July 1, 2011. There are 80,000 shares of common stock outstanding.
Instructions
(a) Using the multiple-step form, prepare an income statement and a retained earnings statement for the year ended June 30, 2012.
(b) Using the single-step form, prepare an income statement and a retained earnings statement for the year ended June 30,2012.
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  • CreatedOctober 11, 2011
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