Question

The following selected accounts and their current balances appear in the ledger of Magic
Vinyl Co. for the fiscal year ended March 31, 2008:


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 $9,000.
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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  • CreatedJuly 17, 2012
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