Selected accounts and related amounts for Drapery Land Co. for the fiscal year ended July 31, 2010,

Question:

Selected accounts and related amounts for Drapery Land Co. for the fiscal year ended July 31, 2010, are presented in Problem 6-1B.
Instructions
1. Prepare a single-step income statement in the format shown in Exhibit 3.
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 $16,800.
4. Prepare closing entries as of July 31, 2010.