Question

The trial balance follows for McLean Corporation at December 3!, 2014:
A physical count of inventory on December 31 showed that there was $124,000 of inventory on hand.
Instructions
Prepare a single-step income statement and a statement of retained earnings assuming that McLean is a private company that prepares financial statements in accordance with ASPE. Assume that the only changes in retained earnings during the current year were from net income and dividends.


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  • CreatedSeptember 18, 2015
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