The Rox Corporation?s multiple-step income statement and retained earnings statement for the year ended December 31, 2007, as developed by its bookkeeper, are shown here:
You determine that the account balances listed in the statements are correct but are incorrectly classified in certain cases. No shares of common stock were issued or retired during 2007.
1. Review both statements and indicate where each incorrectly classified item should be classified.
2. Prepare a correct multiple-step 2007 income statement.
3. Prepare a correct 2007 retained earningsstatement.
This question was answered on: Jul 11, 2017
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