Question 1 Problems Series A PR 6-1A Multiple-step income statement and report form of balance sheet The following selected accounts and their current balances appear in the ledger of Carpet Land Co. for the fiscal year ended October 31, 2012 1. Net Income 5775.000 $ 274,000 425,000 525.000 12.000 9,000 315,000 $ 70,000 55,000 3,600,000 925,000 150,000 187.000 900,000 Cash Accounts Receivable Merchandise Inventory Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation- Office Equipment Store Equipment Accumulated Depreciation- Store Equipment Accounts Payable Salaries Payable Note Payable final payment due 20371 Maggie Young, Capital Maggie Young, Drawing Sales Sales Returns and Allowances Sales Discounts Cost of Merchandise Sold Sales Salaries Expense Advertising Expense Depreciation Expense- Store Equipment Miscellaneous Selling Expense Office Salaries Expense Rent Expense Depreciation Expense- Office Equipment Insurance Expense Office Supplies Expense Miscellaneous Administrative Exp. Interest Expense 35,000 40,000 315.000 115,000 293,000 193,000 12.000 22.000 18,000 9,000 11,000 15,000 400,000 750,000 150,000 6,155,000 Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owner's equity. 3. Prepare a report form of balance sheet, assuming that the current portion of the note payable is $16,000. 4. Briefly explain (a) how multiple-step and single-step income statements differ and (b) how report form and account form balance sheets differ. + Page 1 of 3 16 words 100 A ) ENG 3:02 PM 3/25/2020 BANG OCO backspace