The objective is to test student skills in using the given financial data to prepare a comprehensive balance sheet and multi-step income statement in good form .The given financial datawill be comprised of all the various subgroupings that are reported in a multi-step income statement andbalance sheet (operating revenues and expenses, other revenues and expenses and irregular items, current assets, investment, fixed assets, intangibles,current liabilities, long-term liabilities, and the equity sections).

Guideline

• Read the given financial data of New York Traders Inc.
• Determine which accounts belong to the balance sheet and which accounts belong to the income statement.
• Determine to which subgroup of balance sheet or income statement each account belongs.
• Compute the correct account balances that should be reported inbalance sheet and correct amounts of revenues and expenses that should be reported in income statement.
• Arrange the accounts in proper order and functionality.
• Prepare a comprehensive balance sheet in good form.
• Prepare a multi-step income statement in good form.
• Put the Course Project in the Dropbox for the project in Week 7.