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Selected accounts and related amounts for Hobbs’ C

Selected accounts and related amounts for Hobbs’ Co. for the fiscal year ended June 30, 2008, are presented in Problem 6-1B.Instructions1. 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 $2,250.4. Prepare closing entries as of June 30, 2008

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