(L. OBJ. 5) Preparing a multi-step Income statement and a classified balance sheet [30—40 min]
Link Back to Chapter 4 (Classified Balance Sheet).The accounts of Thompson Electronics Company are listed along with their balances before closing for the month ended July 31, 2012.
Requirements
1. Prepare Thompson Electronics’ multi-step income statement.
2. Prepare Thompson Electronics’ statement of owner’s equity.
3. Prepare Thompson Electronics’ classified balance sheet in report form.
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