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.)