Selected accounts and related amounts for Gloucester Co. for the fiscal year ended August 31, 2014, are presented in Problem 5-5A.

In Problem 5-5A, the following selected accounts and their current balances appear in the ledger of Gloucester Co. for the fiscal year ended August 31, 2014:

Instructions
1. Prepare a single-step income statement in the format shown in Exhibit 9.
2. Prepare a retained earnings statement.
3. Prepare an account form of balance sheet, assuming that the current portion of the note payable is $16,000.
4. Prepare closing entries as of August 31,2014.

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Accounts Receivable Sales Returns and Allowances 2 Cost of Merchandise Sold Sales Salaries Expense Depreciation Expense- 5 9 Store Equipment Miscellaneous Selling Expense Office Salaries Expense Accumulated Depreciation- Depreciation Expense- Salaries Payable Note Payable 5 Retained Earnings final payment due 2037) Office Supplies Expense Miscellaneous Administrative Exp 8,000