omprehensive 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 optional.

1. Prepare an income statement.

Palisade Creek Co. Income Statement For the Year Ended May 31, 2016
Expenses:
Selling expenses:
Total selling expenses
Administrative expenses:
Total administrative expenses
Total expenses
Net income

2. Prepare a statement of owner's equity.

Palisade Creek Co. Statement of Owner's Equity For the Year Ended May 31, 2016

3. Prepare a balance sheet.

Palisade Creek Co. Balance Sheet May 31, 2016
Assets
Current assets:
Total current assets
Property, plant and equipment:
Total property, plant and equipment
Total assets
Liabilities
Current liabilities:
Total liabilities
Owner's equity
Total liabilities and owner's equity