Alto Publishers Company€™s selected accounts as of November 30, 2012, follow:

Requirements
1. Prepare the multi-step income statement, statement of retained earnings, and balance sheet for the first year of operations.
2. Prepare closing entries for the first year ofoperations.

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$ 18,100 Inventory 37,300 Cash 44,000 36,100 21,700 23,100 53,000 2,400 9,300 Selling expenses Furniture Sales returns and allowances Salary payable Common stock Sales revenue Accounts payable 3,000 Note payable 1,400 Accumulated depreciation 29,400 Cost of goods sold 114,200 Sales discounts 13,400 General expenses