Prepare a Multi-step Income Statement and Statement of Owner's Equity.

1) APR-1 the JW-Corp Received $200,000 in Exchange for 40,000 shares of Common Stock.

2) APR-1 the JW-Corp Borrowed $150,000 from US-Bank on a Note, Due in 5 Years with 8%

Interest Paid Monthly.

3) APR-2 the JW-Corp Purchased a Building for $360,000 (25 year life), with $60,000 Cash Down

Payment and signed a Note with SCHWAB BANK for the Remainder Due in 10 Years with

Interest Due Monthly at a 6% Rate.

4) APR-2 the JW-Corp purchased a Delivery Truck (5 Year and 200,000 Mile Life) for $90,000 on a

Note Due with FORD Corp with Interest Accrued Monthly at a 12% Rate. The Total Interest and

Principal are DUE in 6 Months.

5) APR-5 = JW-Corp received $105,000 from the TARGET Corp for BIKES we Will Deliver Later.

6) APR-6 = JW-Corp Purchased 1500 BIKES at $88 Each on Account from SPECIALIZED Corp.

a) FYI = JW-Corp uses a Perpetual FIFO Inventory System

7) APR-7 = JW-Corp Purchased 2000 BIKES at $95 Each on Account from SPECIALIZED Corp.

8) APR-10 = JW-Corp paid this Months Rent Expense of $18,000 with a Check

9) APR-15 = JW-Corp received this Months Phone Bill from ATT for $7,000 to pay Later.

10)APR-18 = JW-Corp received this Months Utility Bill from PGE for $8,000 to be paid Later.

11)APR-19 = JW-Corp Sold 1000 BIKES for $210 each on account to the COSTCO Corp.

12)APR-20 = JW-Corp Sold and Delivered 1100 BIKES for $180 each to the TARGET Corp. from

the Order and Check received in Trans#5. We Billed the Customer the Remainder on Account.

13)APR-22 = JW-Corp Paid $161,000 with a Check to SPECIALIZED Corp on Account.

14)APR-24 = JW-Corp Sold 1200 BIKES to the COSTCO Corp for $175 each, on account.

15)APR-25 = JW-Corp received a check from COSTCO Corp for $233,000 on account.

16)APR-26 = JW-Corp paid $29,000 for Current Months Salaries with a Check.

17)APR-27= JW-Corp bought Back 5,000 Shares of Common Stock from Investors for $3.00 per

Share with Electronic Transfers of Cash to the Stock Brokerage Firm.

18)APR-28 = JW-Corp Paid Dividends of $2.20 per Share to Current Shareholders via EFT.

19)APR-29 = JW-Corp Recorded the Following Items from the monthly Bank Reconciliation.

a) Bank Fees Expense of $400, Investment Income of $1,400

20)APR-30 = JW-Corp Recorded the Estimated Allowance for Un-collectible accounts at 5.00% of

The Month End TOTAL Accounts Receivable Balance.

21)APR-30 = JW-Corp recorded one month of Interest Expense Paid on the US BANK Loan. Tr#2

22)APR-30 = JW-Corp recorded one month of Interest Expense Paid to Schwab Bank. Tran#3

23)APR-30 = JW-Corp recorded one month of Interest Expense PAYABLE to Ford Later. Tran#4

4

24)APR-30 = JW-Corp recorded Depreciation Expense on the Building (Tran#3) for the Month

using the Straight-Line Method.

25)APR-30 = JW-Corp recorded Depreciation Expense on the Truck (Tran#4) Using the Units-of

Production-Activity Method. The Truck was Driven 12,000 Miles during the Month.

26)APR-30 = JW-Corp Recorded Income Tax Expense Payable for the Month, at 30% Tax Rate.