Question: Preparing a multi-step income statement, journalizing closing entries, and preparing a post-closing trial balance Sylvia's Music Company uses a perpetual inventory system. The adjusted trial balance of Sylvia's Music Company at June 30, 2016, follows:
![1086_Music.png](https://secure.tutorsglobe.com/CMSImages/1086_Music.png)
Requirements: 1. Prepare Sylvia's multi-step income statement for the year ended June 30, 2016.
2. Journalize Sylvia's closing entries.
3. Prepare a post-closing trial balance as of June 30, 2016.