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Single-step income statement and account form of balance sheet
The following selected accounts and their current balances appear in the ledger of Black Lab Co. for the fiscal year ended April 30, 2012:
Instructions:
1. Complete a single-step income statement.
2. Complete a statement of owner's equity.
3. Complete an account form of balance sheet, assuming that the current portion of the note payable is $7,000.
4. Prepare closing entries as of April 30, 2012.
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
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