Question: The following selected accounts and their current balances appear in 127399

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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