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Prepare a multiple-step income statement for triple creek


On October 31, 2010, the balances of the accounts appearing in the ledger of Triple Creek Company are as follows:

 

Instructions

1. Does Triple Creek Company use a periodic or perpetual inventory system? Explain. 

2. Prepare a multiple-step income statement for Triple Creek Company for the year ended October 31, 2010. The merchandise inventory as of October 31, 2010, was $94,100.

3. Prepare the closing entries for Triple Creek Company as of October 31,2010.  

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Accounting Basics: Prepare a multiple-step income statement for triple creek
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