What is the Multi step income statement and the statement of retained earnings ?

Unadjusted Trial Balance December 31. 2022 Adjusting \& Other Entries (All December 31): In reviewing the bank statement, we find that during December, $1,100 in revenue was incorrectly debited to supplies instead of cash (the credit was correct). 2: Determine that we earned (but haven't received) $9,300 in interest revenue on our savings account during the year. 3: We earned $9,725 in sweets sales revenue during December 2022 that was paid for in advance by our customers. The cost of those sweets was $2,850. Prepare entries to record both the sale and cost of goods sold. Record both entries. 4: Entire year's advertising ( $14,400 or $1,200 per month) was paid in advance on January 1, 2022 (recorded in January) - one month of Prepaid Advertising remains to be recorded as Advertising Expense. 5: Determined that $1,100 of supplies were used during the period. 6: December utilities are $2,900. The bill will be paid in January 2023. Utilities Expense and a Utilities Payable should be recorded. 3 7: The company has not recorded bad debt expense for 2022. Blue Hen Magic uses the Aging of Receivables approach and estimates that the ending balance in the Allowance for Bad Debts should be $6,000 (Hint: You need to "back in" to this number - Ch. 8). 8: The long term note payable was recorded on March 1, 2022. The interest and the note are due on July 31,2027 . Interest rate is 12%. Record 2022 interest expense. 9: Calculate Net Income Before Taxes and then record income taxes as 35% of this number (use the Multiple-Step Income Statement) - use this tax \# to record the final adjusting entry for Income Tax Expense \& Income Tax Payable AND as the Income Tax Expense figure in your Multiple-Step Income Statement. Note The taxes will be paid in March 2023. 10: The bookkeeper forgot to enter a journal entry into the system. Therefore, you must also record an entry for a $5,000 dividend payment that the company made to its shareholders. (Debit Dividends \& Credit Cash). This entry will not affect the tax entry above, as Dividends are not recorded on the Income Statement (but instead reduce RE on the Statement of RE). Adjusting Entries 9 Adiusted Trial Ralance Multiple-Step Income Statement Income Statement For the Year Ended December 31,2022 Statement of Retained Earnings Statement of Retained Earnings For the Year Ended December 31, 2022