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The following selected accounts and their current balances

The following selected accounts and their current balances appear in the ledger of Case-
It Co. for the fiscal year ended November 30, 2010:

1. Prepare a multiple-step income statement.

2. Prepare a statement of owner's equity.

3. Prepare a report form of balance sheet, assuming that the current portion of the note payable is $8,000.

4. Briefly explain

(a) How multiple-step and single-step income statements differ and

(b) How report-form and account-form balance sheetsdiffer.

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Accounting Basics: The following selected accounts and their current balances

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