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Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
Edition 26ISBN: 978-1337498159Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
Edition 26ISBN: 978-1337498159 Exercise 30
Single-step income statement and account form of balance sheet
Selected accounts and related amounts for Clairemont Co. for the fiscal year ended May 31, 2016, are presented in Problem 6-5A.
Instructions
1. Prepare a single-step income statement in the format shown in Exhibit 11.
2. Prepare a statement of owner's equity.
3. Prepare an account form of balance sheet, assuming that the current portion of the note payable is $50,000.
4. Prepare closing entries as of May 31, 2016.
Selected accounts and related amounts for Clairemont Co. for the fiscal year ended May 31, 2016, are presented in Problem 6-5A.
Instructions
1. Prepare a single-step income statement in the format shown in Exhibit 11.
2. Prepare a statement of owner's equity.
3. Prepare an account form of balance sheet, assuming that the current portion of the note payable is $50,000.
4. Prepare closing entries as of May 31, 2016.
Explanation
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1.Prepare a single-step income statement...
Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
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