The accounts of Mackey Home Center are listed along with their balances before closing at July 31,2008.

Requirements 

1. Prepare Mackey Home Center's multi-step income statement for the month ended July 31, 2008.

2. Prepare Mackey 's classified balance sheet in report form at July 31, 2008. Show your computation of the July 31 balance of Len Mackey, Capital.

Transcribed Image Text:

Accounts payable Accounts receivable Accumulated depreciation Len Mackey, capital, June 30 Len Mackey, withdrawals Cash Cost of goods sold General expense Interest payable Interest revenue $ 27,300 Inventory $ 87,300 48.600 Note payable, long-term 60,000 116,400 Salary payable 6,100 Sales discounts 1,100 19,400 Sales returns and allowances 7,000 11.000 Sales revenue 268,200 4,300 Selling expense 34,600 160,900 Building 126,000 25,800 Supplies 4,300 3,000 Unearned sales revenue 9,300 1,200