Comprehensive Problem $2$

Part $8$:

You must complete parts $1,2,3,4,6$ and $7$ before attempting to complete part $8.$

Note: Part $5$ is the optional worksheet.

Prepare a multiple$-$step income statement.

Palisade Creek Co$.$

Income Statement

For the Year Ended May $31,20Y6$

$

$$

$$

Expenses:

Selling expenses:

$$ $

$$

$$