Single-step income statement and account form of balance sheet OBJ. 3 Selected accounts and related amounts for
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Single-step income statement and account form of balance sheet OBJ. 3 Selected accounts and related amounts for Clairemont Co. for the fiscal year ended May 31, 2016, are presented in Problem 5-5A.
Instructions 1. Prepare a single-step income statement in the format shown in Exhibit 11.
2. Prepare a retained earnings statement.
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.
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Related Book For 
Financial And Managerial Accounting
ISBN: 9781305267831,9781305267848
13th Edition
Authors: Carl S. Warren , James M. Reeve , Jonathan Duchac
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