Question: The following selected accounts and their current balances appear in 115443

The following selected accounts and their current balances appear in the ledger of Black Lab Co. for the fiscal year ended April 30, 2012:


Instructions
1. Prepare a multiple-step income statement.
2. Prepare a statement of owner’s equity.
3. Prepare a report form of balance sheet, assuming that the current portion of the note payable is $7,000.
4. Briefly explain
(a) How multiple-step and single-step income statements differ and
(b) How report-form and account-form balance sheetsdiffer.


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  • CreatedMay 07, 2012
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