Question: Mackenzie Inc. uses a perpetual inventory system and has prepared the following adjusted trial balance on December 31, 2016: Required: Prepare in proper form for

Mackenzie Inc. uses a perpetual inventory system and has prepared the following adjusted trial balance on December 31, 2016:

Required:
Prepare in proper form for 2016 the company€™s:
(1) Income statement,
(2) Retained earnings statement,
(3) Ending balance sheet, and
(4) Closing entries in its general journal.

Alowance for Doublful Accounts Accumulated Depreciaton 3 Note Payable (due July 1, 2020) Interest Payable (due July 1, 2020 Retained Eamings, January1, 2016 1.200 3 9 $75,615 $756

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1 MACKENZIE INC Income Statement For the Year Ended December 31 2016 Sales revenue 30900 Cost of goods sold 15040 Gross profit Operating expenses Sell... View full answer

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