The following is a partial list of account balances for Waverly Company at December 31,2012,prior to closing entries: 
a.After the temporary accounts are closed,what will be the balance of Retained Earnings?
b.From the above information,prepare:
1.A multistep income statement.
2.A single-step income statement
Definitions:
Correlational Approach
A research method that examines the relationship between two or more variables to determine if they are associated, without inferring causality.
Physiological Recording
The measurement and recording of physical or biological responses, such as heart rate, muscle tension, brain activity, and other bodily functions.
Statistical Procedures
A set of methods used to collect, analyze, interpret, and present data in a meaningful way.
Research Methods
Systematic techniques used in scientific studies to collect, analyze, and interpret data.
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