Murrays Mercantile completed the work sheet below for the year ended December 31, 20X1, was $5,000. The current portion of Mortgage payable is $500.

Required:

1. Prepare a multi-step income statement

2. Prepare a statement of owners equity

3. Prepare a balance sheet

Problem 3 Points 40 Murray's Mercantile completed the work sheet below for the year ended December 31, 20X1. Owner's equity as of January 1, 20x1, was $5,000. The current portion of Mortgage Payable is $500. REQUIRED: 1. Prepare a multiple-step income statement. 2. Prepare a statement of owner's equity. 3. Prepare a balance sheet. Income Statement for the year ended December 31, 20x1 Revenues from Sales: Sales Cost of Goods Sold: Beginning Inventory Cost of Goods Sold Net Income 2. Complete a Statement of Owner's Equity using the format started for you: (10 points- Statement of Owner's Equity) Murray's Mercantile Statement of Owner's Equity As of December 31, 20x1 Murray, capital January 1, 20x1 3. Complete a Balance sheet using the format started for you: See next page.w (15 points for the Balance sheet) Murray's Mercantile Balance Sheet ASSETS: Liabilities Problem 3 Points 40 Murray's Mercantile completed the work sheet below for the year ended December 31, 20X1. Owner's equity as of January 1, 20x1, was $5,000. The current portion of Mortgage Payable is $500. REQUIRED: 1. Prepare a multiple-step income statement. 2. Prepare a statement of owner's equity. 3. Prepare a balance sheet. Income Statement for the year ended December 31, 20x1 Revenues from Sales: Sales Cost of Goods Sold: Beginning Inventory Cost of Goods Sold Net Income 2. Complete a Statement of Owner's Equity using the format started for you: (10 points- Statement of Owner's Equity) Murray's Mercantile Statement of Owner's Equity As of December 31, 20x1 Murray, capital January 1, 20x1 3. Complete a Balance sheet using the format started for you: See next page.w (15 points for the Balance sheet) Murray's Mercantile Balance Sheet ASSETS: Liabilities