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.