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The accounts of Taylor Electronics Company are

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P5-32A Preparing a multi-step income statement and a classified balance sheet
[30–40 min]

Link Back to Chapter 4 (Classified Balance Sheet). The accounts of Taylor
Electronics Company are listed along with their balances before closing for the
month ended March 31, 2012.

Interest revenue $200 Accounts payable $16,700
Inventory 45,100 Accounts receivable 33,600
Note payable, long–term 46,000 Accumulated depreciation 37,700
Salary payable 2,700 Taylor, capital, Feb 28 54,100
Sales discounts 2,900 Taylor, drawing 20,000
Sales returns and allowances 7,500 Cash 8,000
Sales revenue 297,000 Cost of goods sold 162,300
Selling expense 38,200 Equipment 129,100
Supplies 6,000 General expenses 16,700
Unearned sales revenue 13,800 Interest payable 1,200

1. Prepare Taylor Electronics’ multi-step income statement.
2. Prepare Taylor Electronics’ statement of owner’s equity.
3. Prepare Taylor Electronics’ classified balance sheet in report form.

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