1.
Single-step income statement format in which a single subtotal of all revenue items are listed in one column and a single subtotal of all expense items including cost of goods sold are listed in another column. Thus, the subtotal of all expense items is deducted from the subtotal of all revenue items to arrive at the net income at the bottom of the statement.
To Prepare: The income statement of Company K for the year ended June 30, 2016.
2.
To Prepare: The
3.
To Prepare: The
4.
Closing entries: This refers to the
To Record: The closing entries of Company K.
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