Class exercises, account classification ,Dan transaction analys
Template
The account balances of Almond Farm Foods at June 30, 2014 are listed below.
Indicate the following for each account balance: Almond Farm Foods
1. The Type of Account (more than one type may be used for each balance) Income Statement (Single-Step)
(A) Asset Month Ended June 30, 2014
(L) Liability
(E) Equity
(R) Revenue
(X) Expense
2. The Financial Statement where the balance should be presented.
(IS) Income Statement
(RE) Statement of Retained Earnings
(BS) Balance Sheet
Account Title Account Balance Account Type Financial Statement
Net Sales $ 2,000,000
Gain on Sale of Equipment 12,500
Interest Income 11,000
Cost of Goods Sold 1,100,000
Selling Expenses 300,000
General and Admin Expenses 150,000
Depreciation 30,000
Equity losses 5,000 Almond Farm Foods
Interest Expense 20,000 Income Statement (Multi-Step)
Income Tax Expense 125,000 Month Ended June 30, 2014
3. Prepare the Single-Step income statement for the month ending June 30, 2014.
4. Prepare the Multi-Step income statement for the month ending June 30, 2014.
&”Calibri,Bold”&K000000MBA 520 | Single Vs. Multi-Step Income Stmt.