Selected accounts and related amounts for Hobbs' Co. for the fiscal year ended June 30, 2008, are presented in Problem 5-1B.
{Instructions}
1. Prepare a single-step income statement in the format shown in Exhibit 3.
2. Prepare a retained earnings statement.
3. Prepare an account form of balance sheet, assuming that the current portion of the note payable is \(\$ 2,250\).
4. Prepare closing entries as of June 30, 2008.obj. 3