Financial accounting 13e PR5-6A

Multiple step income statement and report form of balance sheet The following selected accounts and their current balances appear in the ledger at Claremont Co. for the fiscal year ended May 31. 2016: Prepare a single-step income statement in the format shown in Exhibit 11. Prepare a retained earnings statement. Prepare an account form of balance sheet, assuming that the current portion of the note payable is $50,000. Prepare closing entries as of May 31, 2016