The following selected accounts and their current balances appear in
The following selected accounts and their current balances appear in the ledger of Gloucester Co. for the fiscal year ended August 31, 2014:


Instructions
1. Prepare a multiple-step income statement.
2. Prepare a retained earnings statement.
3. Prepare a report form of balance sheet, assuming that the current portion of the note payable is $16,000.
4. Briefly explain
(a) How multiple-step and single-step income statements differ
(b) How report-form and account-form balance sheetsdiffer.
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