Accounting 26th Edition by Carl Warren,James Reeve,Jonathan Duchac

تمرين 3

Single-step income statement and account form of balance sheet
Selected accounts and related amounts for Clairemont Co. for the fiscal year ended May 31, 2016, are presented in Problem 6-5A.
Instructions
1. Prepare a single-step income statement in the format shown in Exhibit 11.
2. Prepare a statement of owner's equity.
3. Prepare an account form of balance sheet, assuming that the current portion of the note payable is $50,000.
4. Prepare closing entries as of May 31, 2016.