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The following selected accounts and their current balances appear in the ledger of Cypress Co. for the fiscal year ended June 30, 2003:
Cash $ 26,500 Sales $ 1,500,000
Notes Receivable 50,000 Sales Returns & Allowances 21,000
Accounts Receivable 62,000 Sales Discounts 11,000
Merchandise Inventory 100,000 Cost of Merchandise Sold 1,070,000
Office Supplies 2,600 Sales Salaries Expense 210,000
Prepaid Insurance 6,800 Advertising Expense 28,300
Office Equipment 64,000 Depreciation Expense -
Accumulated Depreciation Store Equipment 4,600
Office Equipment 10,800 Miscellaneous Selling Expense 1,100
Store Equipment 117,500 Office Salaries Expense 41,000
Accumulated Depreciation - Rent Expense 22,150
Store Equipment 48,600 Insurance Expense 12,750
Accounts Payable 27,000 Depreciation Expense -
Salaries Payable 2,000 Office Equipment 9,000
Note Payable (10 years) 30,000 Office Supplies Expense 900
Capital Stock 60,000 Miscellaneous Admin Expense 1,200
Retained Earnings 208,000 Interest Revenue 5,000
Dividends 25,000 Interest Expense 4,000
1. Prepare a multiple-step income statement
2. Prepare a retained earnings statement
3. Prepare a balance statement
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