Final answer:
After preparing the closing entries, the next step in the accounting cycle is to prepare the financial statements.
Step-by-step explanation:
After the last step in the accounting cycle, which is the preparation of closing entries, the next step is to prepare the financial statements. Financial statements are formal records of a company's financial activities, and they provide crucial information about a company's performance, profitability, and financial position. The three main financial statements are the income statement, balance sheet, and cash flow statement. These statements are prepared using the information from the adjusted trial balance, which includes the closing entries.