Multiple-Step Income Statement and Report Form of Balance Sheet. The following selected accounts and their current balances appear in the ledger of Prescott Inci. for the fiscal year ended September 30 , 20y8 : 1. Prepare a multiple-step income statement. Enter account decreases and outflows as negative amounts. Prescott Inc. Income Statement For the Year Ended September 30, 20 Y8 Operating expenses: Selling expenses: Total selling expenses Administrative expenses: 2. Prepare a statement of stockholders' equity, No common stock was issued during the yoar. For those boxes in which no entry is required, leave the box blank. 2. Prepare a statement of stockholders' equity. No common stock was issued during the year. For those boxes in which no entry is required, feave the box blank. 3. Prepare a report form of balance sheet, assuming that the current portion of the note payable is $26,000. Enter account decreases and outflows as negative amounts. Current assets: Total current assets Property, plant, and equipment: Total property, plant, and equipment Total assets Uabilities Current liablities: 46. Serect the statement that best describes how multiple-step and single-step income statements differ. 4a. Select the statement that best describes how multiple-step and single-step income statements diffec Multiple-step: Single-step: Ab. In the form balance sheet, the assets are listed the Labilities and stockholders' equities