Twain Corporation_Income statement_Question

The following account balances were included in the trial balance of Twain Corporation at June 30, 2012.

 

 


The Retained Earnings account had a balance of $337,000 at July 1, 2011. There are 80,000 shares of common stock outstanding.
Instructions
(a) Using the multiple-step form, prepare an income statement and a retained earnings statement for the year ended June 30, 2012.
(b) Using the single-step form, prepare an income statement and a retained earnings statement for the year ended June 30,2012.


 

 

 

 

 

 

 

 

 

 

 

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