Texas Communications, Corp., reported the following figures in its financial statements (amounts in thousands): Cash Total...

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Texas Communications, Corp., reported the following figures in its financial statements (amounts in thousands): Cash Total operating expenses Accounts payable Total stockholders' equity Long-term notes payable Inventory $ 3,600 3,300 4,000 4,100 600 400 Cost of goods sold Equipment, net Accrued liabilities Net sales revenue Accounts receivable $ 21,000 3,900 1,800 29,000 2,600 Requirement R1. Prepare the business's multi-step income statement for the year ended May 31, 2011. Texas Communications, Corp., reported the following figures in its financial statements (amounts in thousands): Cash Total operating expenses Accounts payable Total stockholders' equity Long-term notes payable Inventory $ 3,600 3,300 4,000 4,100 600 400 Cost of goods sold Equipment, net Accrued liabilities Net sales revenue Accounts receivable $ 21,000 3,900 1,800 29,000 2,600 Requirement R1. Prepare the business's multi-step income statement for the year ended May 31, 2011.

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