(L. OBJ. 5) Preparing a multi-step income statement and a classified balance sheet [30—4...

(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 White Electronics Company are listed along with their balances before closing or the month ended July 31, 2012.

Requirements

1. Prepare White Electronics’ multi-step income statement.

2. Prepare White Electronics’ statement of owner’s equity.

3. Prepare White Electronics’ classified balance sheet in report form.