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.