Mackenzie Inc. uses a perpetual inventory system and has prepared the following adjusted trial balance on December

Question:

Mackenzie Inc. uses a perpetual inventory system and has prepared the following adjusted trial balance on December 31, 2016:

Required:
Prepare in proper form for 2016 the company€™s:
(1) Income statement,
(2) Retained earnings statement,
(3) Ending balance sheet, and
(4) Closing entries in its general journal.

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Related Book For book-img-for-question

Intermediate Accounting Reporting and Analysis

ISBN: 978-1285453828

2nd edition

Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach

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Question Posted: Oct 05, 2015 05:01 AM

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Mackenzie Inc. uses a perpetual inventory system and has prepared the following adjusted trial balance on December

Question:

Alowance for Doublful Accounts Accumulated Depreciaton 3 Note Payable (due July 1, 2020) Interest Payable (due July 1, 2020 Retained Eamings, January1, 2016 1.200 3 9 $75,615 $756

Step by Step Answer:

1 MACKENZIE INC Income Statement For the Year Ended December 31 2016 Sales revenue 30900 Cost of goods sold 15040 Gross profit Operating expenses Sell...View the full answer

Intermediate Accounting Reporting and Analysis

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