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Prepare an account form of balance sheet

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Reference no: EM131122948

Selected accounts and related amounts for Drapery Land Co. for the fiscal year ended July 31, 2010, are presented in Problem 6-1B.

Instructions

1. Prepare a single-step income statement in the format shown in Exhibit 3.

2. Prepare a statement of owner's equity.

3. Prepare an account form of balance sheet, assuming that the current portion of the note payable is $16,800.

4. Prepare closing entries as of July 31, 2010. 

Reference no: EM131122948

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