(P5-40B 1049 5 Preparing a multi-step income statement and a clas [30-40 min] Link Back to Chapter 4 (Classified Balance Sheet). T Electronics Company are listed along with their balances month ended October 31, 2012. Interest revenue IS $ 500 Accounts payable BS Inventory BS 45,400 Accounts receivables Note payable, long-term BS 47,000 Accumulated depreciation Salary payable 5 3,400 Smith, capital, Sep 30 06 Sales discounts IS 2,700 Smith, drawing 6 Sales returns and allowances Is 8,100 Cash Sales revenue IS 296,500 Cost of goods sold IS Selling expense IS 37,500 Equipment BS Supplies BS 6,300 General expenses IS Unearned sales revenues 13,800 Interest payable BS Requirements 1. Prepare Smith Electronics' multi-step income statement. 2. Prepare Smith Electronics' statement of owner's equity. 3. Prepare Smith Electronics' classified balance sheet in rep. (P5-40B 1049 5 Preparing a multi-step income statement and a clas [30-40 min] Link Back to Chapter 4 (Classified Balance Sheet). T Electronics Company are listed along with their balances month ended October 31, 2012. Interest revenue IS $ 500 Accounts payable BS Inventory BS 45,400 Accounts receivables Note payable, long-term BS 47,000 Accumulated depreciation Salary payable 5 3,400 Smith, capital, Sep 30 06 Sales discounts IS 2,700 Smith, drawing 6 Sales returns and allowances Is 8,100 Cash Sales revenue IS 296,500 Cost of goods sold IS Selling expense IS 37,500 Equipment BS Supplies BS 6,300 General expenses IS Unearned sales revenues 13,800 Interest payable BS Requirements 1. Prepare Smith Electronics' multi-step income statement. 2. Prepare Smith Electronics' statement of owner's equity. 3. Prepare Smith Electronics' classified balance sheet in rep