Please help me with my Seatwork

OBJ. 8 1. Net income: PR 6-10A Multiple-step income statement and report form of balance sheet $310,000 The following selected accounts and their current balances appear in the ledger of Gloucester Co. for the fiscal year ended August 31, 2014: Cash $ 125,000 Sales $4,576,000 SPREADSHEET Accounts Receivable 335,000 Sales Returns and Allowances 31,000 Merchandise Inventory 380,000 Sales Discounts 28,000 GENERALLEDGER Office Supplies 12,000 Cost of Merchandise Sold 2,650,000 Prepaid Insurance 9,000 Sales Salaries Expense 745,000 Office Equipment 275,000 Advertising Expense 205,000 Accumulated Depreciation- Depreciation Expense- Office Equipment 187,000 Store Equipment 40,000 Store Equipment 859,000 Miscellaneous Selling Expense 18,000 Accumulated Depreciation- Office Salaries Expense 410,000 Store Equipment 293,000 Rent Expense 60,000 Accounts Payable 193,000 Depreciation Expense- Salaries Payable 12,000 Office Equipment 30,000 Note Payable Insurance Expense 18,000 (final payment due 2037) 400,000 Office Supplies Expense 11,000 Mia Reynolds, Capital 675,000 Miscellaneous Administrative Exp. 8,000 Mia Reynolds, Drawing 75,000 Interest Expense 12,000 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 $16,000. Chapter 6 Accounting for Merchandising Businesses 279 4. Briefly explain (a) how multiple- and single-step income statements differ and (b) how report- and account-form balance sheets differ. step income statement in the to