P6-1A The following selected accounts and their current balances appear in the ledger of Carpet Land Co. for the

P6-1A The following selected accounts and their current balances appear in the ledger of Carpet Land Co. for the fiscal year ended October 31, 2012:

And so on....

Requirements:

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.

Check figures : 1. Net Income: $775,000