The Procter & Gamble Company is one of the largest consumer products companies in America. The (slightly modified) trial balance as of June 30, 2011, appears here:

1. Prepare Procter & Gamble's income statement for the year ended June 30, 2011, using a multiple-step format.
2. Prepare Procter & Gamble's income statement for the year ended June 30, 2011, using a single-step format. Which format for the income statement is more informative? Why?
3. Prepare Procter & Gamble's classified balance sheet  as of June 30, 2011.

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The Procter& Gamble Company Trial balance as of June 30, 20I I (in milfions) Deblts S 2,768 6,275 7,379 1,140 4,408 41,507 Credits Cash and cash equivalents Accounts receivable inventories Deferred income taxes Prepaid expenses and other current assets Property, plant, and equipment, at cost Accumulated depreciation Trademarks and other intangibles, net Goodwil Other noncurrent assets Debt due within one year Accounts payable Accrued and other liabilities Long term debt Deferred income tax Other noncurrent liabilities Preferred stock Common stock, stated value $1 per share Additional paid-in capital Retained earnings (June 30, 2010) Accumulated other comprehensive loss Reserve for ESOP debt retirement Treasury stock Noncontrolling interest* et sales Cost of products sold Selling, administrative, and general expense Interest expense Other nonoperating income, net Income taxes Cash dividends declared 20,214 32,620 57,562 4,909 9,981 8,022 9,290 22,033 11,070 9,957 1,234 4,008 62,405 64,614 2,054 1,357 67,278 361 82,559 40,768 25,973 831 202 3,392 5,729 $305,950 $305,950 Part of stockholders' equity.