**EXERCISE 5-10
| Purpose: | (L.O. 5, **7) This exercise will give you practice in preparing a multiple-step income statement. |
A worksheet is a tool to organize accounting data to be reported in external financial statements.
Instructions
Refer to the worksheet in the Solution for Exercise 5-9 above.
- Prepare a multiple-step income statement for Heron Foliage Sales Company for the year ended December 31, 2014.
- Prepare a retained earnings statement for Heron Foliage Sales Company for the year ended December 31, 2014.
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