Now that you have completed most of the steps in the accounting cycle, it is time to complete the cycle with the last steps. This week, you are to prepare the multiple-step income statement, statement of owners’ equity, and classified balance sheet. You should use the information completed in prior weeks.
Prepare the income statement, where net income will be carried through to the statement of owners’ equity as one of the adjustments to the final balance in the equity account. You will then need to prepare the balance sheet, where you will show the updated owners’ equity balance.
**I have completed the journal entries I need help with the multiple step income statement, statement of owners equity, classified balance sheet & post-closing trial balance.**
Prepare a May (xxxx) multiple-step income statement, a May (xxxx) statement of owner’s equity, and a May 31, (xxxx), classified balance sheet.
Prepare a post-closing trial balance.
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