Selected accounts and related amounts for Clairemont Co. for the fiscal year ended May 31, 2016, are
Question:
Selected accounts and related amounts for Clairemont Co. for the fiscal year ended May 31, 2016, are presented in Problem 6-5A.
Instructions
1. Prepare a single-step income statement in the format shown in Exhibit 11.
2. Prepare a statement of owner’s equity.
3. Prepare an account form of balance sheet, assuming that the current portion of the note payable is $50,000.
4. Prepare closing entries as of May 31, 2016.
Exhibit 11:
Data From Problem 6-5A:
The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2016:
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1 SingleStep Income Statement Revenues Amount Sales 3600000 Rent Revenue 600 Total Revenues 3600600 ...View the full answer
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Related Book For 
Financial Accounting
ISBN: 978-1305088436
14th edition
Authors: Carl S. Warren, Jim Reeve, Jonathan Duchac
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