Accounting Problem- Viaduct Co.

See attached questions and Excel Template to complete the assignment on.

Instructions:

1. Prepare a work sheet for the fiscal year ending December 31, 2006. List all accounts in order given.
2. Prepare a multi-step income statement.
   
3. Prepare a statement of owner's equity.
4. Prepare a report form of balance sheet, assuming that the current portion of the note payable is $15,000
5. Journalize the adjusting entries.
6. Journalize the closing entries.