Single$-$Step Income Statement

The following selected accounts and their current balances appear in the ledger of Prescott Inc. for the fiscal year ended September $30,20$Y$8$:

Instructions:

Prepare a single$-$step income statement in the format shown in Exhibit $8.$

Prescott Inc.

Income Statement

For the Year Ended September $30,20$ Y

Feodback

TCheck My Work

Identify all revenues. Subtract the total costs and expenses from revenues to find net income.

Prepare a statement of stockholders' equity. No common stock was issued during the year. For those boxes in which no entry is required, leave the box blank.

Prescott Inc.

Statement of Stockholders' Equity

For the Year Ended September $30,20$ Y$8$