Week 6: Financial Statements and Closing Entries Review Chapter 3 for Closing Entries, Chapter 4 for Financial Statements Complete this assignment using the same Excel workbook provided (add any necessary additional lines), and submit your work by the end of Week 6, 11:59pm ET. Now that you have reviewed and corrected most of the steps in the accounting cycle, it is time to complete the cycle with the last steps. This week, you are to prepare the multiple-step income statement, statement of owners' equity, and classified balance sheet. Prepare the closing entries and the post-closing trial balance. You should use the corrected information completed in prior weeks. Prepare the income statement, where net income will be carried through to the statement of owners' equity as one of the adjustments to the final balance in the equity account. You will then need to prepare the balance sheet, where you will show the updated owners' equity balance. Prepare a May (xxxx) multiple-step income statement, a May (xxxx) statement of owner's equity, and a May 31, (xxxx), classified balance sheet. Prepare the closing entries and prepare a post-closing trial balance *** Please note this company uses a capital account and a withdrawals account, thus this is NOT a corporation, and it does not have a retained earnings account. When preparing the closing entries, you ultimately close the amounts to the capital account. For the statement of owner's equity, the ending balance should be called, J. Sparks Capital Account, Ending Balance May xxxx. For specific grading information, please refer to the Portfolio Project Grading Information provided in the syllabus.