The accounts of Northeast Electronics are listed along with their balances before closing atMav31,2009.

Requirements 

1. Prepare Northeast Electronics1 multi-step income statement for the month ended May 31, 2009.

2. Prepare Northeast Electronics' classified balance sheet in report form at May 31, 2009. Show your computation of the May 3 1 balance of Lou Colgin, Capital.

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Interest revenue 400 Accounts payable $ 16,900 Inventory 45,500 Accounts receivable 33,700 Note payable, long-term 45,000 Accumulated depreciation 38,000 Salary payable 2,800 Lou Colgin, capital, Sales discounts 2,400 April 30, 2009 53,900- Sales returns and allowances 8,000 Lou Colgin, withdrawals. 19,000 Sales revenue 296,600 Cash 7,800 Selling expenses 37,900 Cost of goods sold 162,000 Supplies 5,900 Equipment 129,600 Unearned sales revenue 13,800 General expenses 16,700 Interest payable 1,100