Aspen Publishers Company’s selected accounts as of November

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P5-38B Preparing financial statements and preparing closing entries [35–45 min]
Aspen Publishers Company’s selected accounts as of November 30, 2012, follow:

Selling expenses $ 18,900
Inventory $ 42,000
Furniture 36,900
Cash 36,200
Sales returns and allowances 2,600
Note payable 21,800
Salary payable 1,100
Accumulated depreciation 22,800
Aspen, capital 27,800
Cost of goods sold 54,000
Sales revenue 114,300
Sales discounts 1,800
Accounts payable 13,600
General expenses 9,000

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