Below is a Dec 31st, 2016 Trial Balance for Mitchell Company.

a.Prepare the necessary closing journal entries.

b.Prepare a multiple-step income statement for 2016.

c.Prepare a stockholders equity statement for 2016.

d.Prepare a December 31, 2016, classified balance sheet.

Account	Debit	Credit
Accounts Payable		$27,300
Accounts Receivable	$17,500
Accumulated Depreciation - Building		54,000
Accumulated Depreciation - Equipment		33,940
Allowance for Uncollectible Accounts		4,000
Bad Debt Expense	4,100
Building	150,000
Cash	34,648
Common Stock, No Par		50,000
Cost		5,000
Cost of Goods Sold	643,710
Depreciation Expense	16,190
Dividends	21,000
Equipment	73,800
Gain on Sales of Plant Asset		750
General Expenses	61,800
Insurance Expense	2,400
Interest Expense for Current Notes Payable	550
Interest Expense for Long Term Notes Payable	1,750
Interest Payable		2,300
Interest Receivable	600
Interest Revenue		600
Inventory	37,190
Land	20,000
Notes Payable (current)		11,000
Notes Payable (due 2029)		35,000
Notes Receivable	10,000
Prepaid Insurance	1,200
Rent Revenue		2,000
Retained Earnings		63,600
Salaries/Wages Expense	123,000
Salaries/Wages Payable		4,000
Sales Discount	402
Sales Revenue		922,850
Supplies	500
Unearned Rent Revenue		4,000
Total	1,220,340	1,220,340