prepare the multi step income statement

search ed and *P5.13A (LO 7) AP The following is an alphabetical list of Bud's Bakery's adjusted account balances at the end of the company's fiscal year on November 30, 2021: Accounts payable Accounts receivable Accumulated depreciation-building Accumulated depreciation-equipment Building B. Hachey, capital B. Hachey, drawings Cash Depreciation expense Equipment Freight in Freight out Insurance expense Interest expense Land $ 32,310 13,770 61,200 19,880 175,000 104,480 12,000 8,500 14,000 57,000 5,060 8,200 9,000 5,300 85,000 Merchandise inventory Mortgage payable Prepaid insurance Property tax expense Purchases Purchase discounts Purchase returns and allowances Rent revenue Salaries expense Salaries payable Sales Sales discounts Sales returns and allowances Unearned revenue Utilities expense $ 34,360 106,000 4,500 3,500 634,700 6,300 13,315 2,800 122,000 8,500 872,000 8,250 9,845 3,000 19,800 Additional facts: 1. Bud's Bakery uses a periodic inventory system, 2. Of the mortgage payable, $8,500 is due on March 31, 2022. 3. A physical count determined that merchandise inventory on hand at November 30, 2021, was $37,350. 4. The owner made no capital contributions during the year. Instructions a. Prepare a multiple-step income statement, statement of owner's equity, and classified balance sheet for the November 30, 2021, year end. b. Prepare the closing journal entries. c. Post closing entries to the Merchandise Inventory and capital accounts. Check that the balances in 4