Principles of Accounting I

Accounting Extra Credit Assignment in MyAccountingLab Example:   Requirement 1: Prepare a  single-step assets statement. (Enter the annual names absolutely as apparent in the advice provided. Check your spelling anxiously and do not  abbreviate.)     Grade A Steak Company   Income Statement   Quarter Ended April 30, 2018 Grade A Steak Company uses a abiding annual system. The annal of Grade A Steak Company annual the afterward called accounts for the division 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 assets statement. Begin by commutual the annual through the gross  profit, again annual operating assets in the additional footfall and net assets in the final step. (Enter Selling Costs afore Administrative Expenses. Use a bare assurance or parentheses to appearance alternative expenses. Enter the annual names absolutely as apparent in the advice provided. Check your spelling anxiously and do not  abbreviate.)

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