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 Kanpur Co. for the fiscal year ended June 30, 2016, are presented in Problem 5-5B.

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 $7,000.

4. Prepare closing entries as of June 30, 2016.

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