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Principles of Accounting I

Principles of Accounting I

Accounting Extra Credit Assignment in MyAccountingLab

Example:

 

Requirement 1: Prepare a
 single-step income statement.
(Enter the account names exactly as shown in the information provided. Check your spelling carefully and do not
 abbreviate.)

   

Grade A Steak Company

 

Income Statement

 

Quarter Ended April 30, 2018

Grade A Steak Company uses a perpetual inventory system. The records of Grade A Steak Company list the following selected accounts for the quarter ended

April 30, 2018
:

Interest Revenue

$

600

Accounts Payable

$

17,500

Merchandise Inventory

45,700

Accounts Receivable

35,600

Notes Payable, long-term

44,000

Accumulated Depreciation—Equipment

36,800

Salaries Payable

2,600

Common Stock

35,000

Net Sales Revenue

296,000

Retained Earnings

32,730

Rent Expense (Selling)

21,800

Dividends

24,000

Salaries Expense (Administrative)

1,500

Cash

7,200

Office Supplies

5,700

Cost of Goods Sold

162,800

Unearned Revenue

13,400

Equipment

133,000

Interest Expense

2,400

Interest Payable

1,100

Depreciation Expense—Equipment (Administrative)

1,330

Rent Expense (Administrative)

9,500

Utilities Expense (Administrative)

4,300

Salaries Expense (Selling)

6,100

Delivery Expense (Selling)

3,500

Utilities Expense (Selling)

10,800

Requirement 2. Prepare a
 multi-step income statement.

Begin by completing the statement through the gross
 profit, then calculate operating income in the second step and net income in the final step.
(Enter Selling Expenses before Administrative Expenses. Use a minus sign or parentheses to show other expenses. Enter the account names exactly as shown in the information provided. Check your spelling carefully and do not
 abbreviate.)

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