Reference no: EM13598473

Using the following end of year account balances, create a Multi-step Income Statement and a Balance Sheet with the proper format and in the proper order. Save your file and submit it to the assessment.

• Accrued Expenses $17,000 Accounts Payable $35,000
• Utilities $ 7,000 Accounts Receivable $30,000
• Equipment $68,000 Inventory $23,000
• Sales Tax Payable $10,000 BOY Ret Earnings $39,000
• Allowances $ 4,000 Wages $11,000
• Prepaid Expenses $14,000 Benefits $ 4,000
• Interest Expense $ 9,000 Accum Dep - Equip $30,000
• Depreciation $ 5,000 Dividends $ 8,000
• Loans Payable $45,000 Cost of Food Sold $39,000
• Common Stock $48,000 Cash $25,000
• Sales $98,000 Land $75,000.