From the partial worksheet of Mikolaski Modern Design Company of Brandon, shown on page 605, your task is to:
a. Complete the worksheet.
b. Prepare the income statement, statement of owner€™s equity, and a classified balance sheet. The amount of the mortgage due the first year is $3,600.
c. Journalize the adjusting and closing entries.

Transcribed Image Text:

CASTELL CERAMICS CO PARTIAL WORKSHEET FOR YEAR ENDED AUGUST 31, 2014 Balance Sheet Account Titles r. r. Petty Cash 7500 11538 62 0 22766 28 1268 75 87540 213764 1876 000 ash Accounts Receivable Merchandise Invento Supplies on Hand Prepaid Insurance Prepaid GST Cutting Equipment Accumulated Amortization, Cutting Equipment Delivery Van Accumulated Amortization, Delivery Van Accounts Payable GST Collected Unearned Rent Chattel Mortgage Payable, Van B. Castell, Capital B. Castell, Withdrawals 189763 725000 2187500 78000 2764836 2874 62 175000 15742 37 4267 598 1467000 Accrued Salaries 86000 936166 112942 99 112942 99 Net Income