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Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition by Donald E. Kieso, Paul D. Kimmel, Jerry J. Weygandt

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**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.

  1. Prepare a multiple-step income statement for Heron Foliage Sales Company for the year ended December 31, 2014.
  2. Prepare a retained earnings statement for Heron Foliage Sales Company for the year ended December 31, 2014.

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