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Income Statement, Retained Earnings Statement, and Balance Sheet

The following information relates to Ashton Appliances for the current year. Prepare a single$-$step income statement.

Ashton Appliances

Income Statement

For the year ending December $31$

Prepare a retained earnings statement.

Ashton Appliances

Retained Earnings Statement

For the year ending December $31$ Prepare a properly classified balance sheet as of December $31.$

Ashton Appliances

Balance Sheet

December $31$ Stockholders' Equity

Stockholders' equity:

Prepare a multiple$-$step income statement.

Ashton Appliances

Income Statement

For the year ending December $31$

Operating expenses:

$

Total operating expenses

Income from operations

Other income and expenses:

Income before income taxesConceptual Connection: How would a multiple$-$step income statement be different from the single$-$step income statement you prepared for Ashton?

A single$-$step contains

in its statement. A multi$-$step contains

in its statement. The

helps to highlight important relationships between revenues and expenses.