The following is an alphabetical list of Tse's Tater Tots' adjusted account balances at the end of the company's fiscal year on December 31, 2017:

Additional information:
1. Tse's Tater Tots uses a periodic inventory system.
2. A physical inventory count determined that merchandise inventory on December 31, 2017, was $34,600. Of the mortgage payable, $17,000 is to be paid April 30, 2018.
Instructions
(a) Prepare a multiple-step income statement, a statement of owner's equity, and a classified balance sheet.
(b) Prepare the closing journal entries.
(c) Post the closing entries to the inventory and capital accounts. Check that the balances in these accounts are the same as the amounts on the balance sheet.
Taking It Further
If you had not been told that Tse's Tater Tots uses a periodic inventory system, how could you have determined that? What information is

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Accounts payable S 86,300 Accumulated depreciation- Accumulated depreciation-equipment building 42,900 190,000 expense Purchase returns and allowances Freight in expense Unearned