Part 8:

You must complete parts 1, 2, 3, 4, 6 and 7 before attempting to complete part 8.

Note: part 5 is optional.

1. Prepare a multiple-step income statement.

Palisade Creek Co. Income Statement For the Year Ended May 31, 2018
Sales
Operating Expenses:
Selling expenses:
Total selling expenses
Administrative expenses:
Total administrative expenses
Total operating expenses
Net income

2. Prepare a retained earnings statement.

Palisade Creek Co. Retained Earnings Statement For the Year Ended May 31, 2018

3. Prepare a balance sheet.

Palisade Creek Co. Balance Sheet May 31, 2018
Assets
Current assets:
Total current assets
Property, plant and equipment:
Total property, plant and equipment
Total assets
Liabilities
Current liabilities:
Total liabilities
Stockholders Equity
Total stockholders equity
Total liabilities and Stockholders Equity