Accounting Extra Credit Assignment in MyAccountingLab
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
Grade A Steak Company
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
Notes Payable, long-term
Net Sales Revenue
Rent Expense (Selling)
Salaries Expense (Administrative)
Cost of Goods Sold
Depreciation Expense—Equipment (Administrative)
Rent Expense (Administrative)
Utilities Expense (Administrative)
Salaries Expense (Selling)
Delivery Expense (Selling)
Utilities Expense (Selling)
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