1 Prepare multi step income statement.

2 Prepare a retained earning statement.

3 Prepare a balance sheet assuming that the current portion of the note payable is $7,000

4 Explain the difference between multi and single step income statements

26. Bird Company paid freight of $875 on April 24 purchase from Swah for purchase of April 24 30. Bird Company paid Swan Company on account Instructions Journalize the April transactions for () Swan Company and 2) Bird company PR 5-5B Multiple-step income statement and balance sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co 1. Net income: for the fiscal year ended June 30, 2018: s 381,000 300,000 8,925,000 5,620,000 850,000 420,000 Cash $ 92,000 Retained Earnings 450,000 Dividends 370,000 Sales Accounts Receivable Inventory Estimated Returns Inventory Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation- Cost of Goods Sold Sales Salaries Expense Advertising Expense 5,000 10,000 12,000 220,000 Depreciation Expense- Store Equipment Miscellaneous Selling Expense Office Salaries Expense Rent Expense Insurance Expense Depreciation Expense- Office Equipment Store Equipment Accumulated Depreciation- 58,000 650,000 18,000 540,000 Store Equipment Accounts Payable Customers Refunds Payable Salaries Payable Note Payable (final payment due 2034) 87,500 38,500 10,000 4,000 24,000 Office Equipment Office Supplies Expense Miscellaneous Administrative 10,000 4,000 140,000 Exp. 50,000 Interest Expense Common Stock 12,000