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Alto Publishers Company’s selected accounts as of November

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P5-30A 4 5 Preparing financial statements and preparing closing entries [35–45 min]
Alto Publishers Company’s selected accounts as of November 30, 2012, follow:

Selling expenses $ 18,100
Inventory $ 44,000
Furniture 37,300
Cash 36,100
Sales returns and allowances 3,000
Note payable 21,700
Salary payable 1,400
Accumulated depreciation 23,100
Alto, capital 29,400
Cost of goods sold 53,000
Sales revenue 114,200
Sales discounts 2,400
Accounts payable 13,400
General expenses 9,300

Requirements
1. Prepare the multi-step income statement, statement of owner’s equity, and balance sheet for the first year of operations.

2. Prepare closing entries for the first year of operations.

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