Short Exercise 5 - 10 Preparing a merchandiser's income statement

Prepare Camilia Communication's multi-step income statement for th eyar ended July 31, 2018.

Notes Receivable 34,000 Requirements 1. Journalize the required closing entries for Rocky. 2. Determine the ending balance in the Retained Earnings account Use the following information to answer Short Exercises S5-10 and S5-11. Camilia Communications reported the following figures from its adjusted trial balance for its first year of business, which ended on July 31, 2018: $ 18,700 Cash Selling Expenses Accounts Payable Common Stock Notes Payable, long-term Merchandise Inventory Administrative Expenses $ 2,900 1,400 4,300 4,365 Cost of Goods Sold Equipment, net Accrued Liabilities Net Sales Revenue 9,500 1,800 29,200 3,200 65 500 Accounts Receivable 1,100 Interest Expense 3,300 Learning S5-10 Preparing a merchandiser's income statement re Camilia Communications's multi-step income statement for the year ended Prepa July 31, 2018. Learni S5-11 Preparing a merchandiser's statement of retained earnings and balance sheet Requirements