Selected accounts and related amounts for Magic Vinyl Co. for the fiscal year ended March 31, 2008, are presented in Problem 5-1A.
{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 \(\$ 9,000\)
4. Prepare closing entries as of March 31, 2008.obj. 3