Selected accounts and related amounts for Clairemont Co. for the fiscal year ended May 31, 2016, are

Question:

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.

Exhibit 11:

image

Data From Problem 6-5A:

The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2016:

image

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Related Book For  book-img-for-question

Financial Accounting

ISBN: 978-1305088436

14th edition

Authors: Carl S. Warren, Jim Reeve, Jonathan Duchac

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