Selected accounts and related amounts for Carpet Land Co. for the fiscal year ended October 31, 2012,
Question:
Selected accounts and related amounts for Carpet Land Co. for the fiscal year ended October 31, 2012, are presented in Problem 5-1A.
Instructions
1. Prepare a single-step income statement in the format shown in Exhibit 2.
2. Prepare a retained earnings statement.
3. Prepare an account form of balance sheet, assuming that the current position of the note payable is $16,000.
4. Prepare closing entries as of October 31, 2012.
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Step by Step Answer:
1 CARPET LAND CO Income Statement For the Year Ended October 31 2012 Revenues Net sales 6030000 Expenses Cost of merchandise sold 3600000 Selling expe...View the full answer
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Related Book For 
Financial and Managerial Accounting
ISBN: 978-0538480895
11th Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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