Multistep income statement and balance sheet
Required
Use the following information to prepare a multistep income statement and a classified balance sheet for Usrey Equipment Co. for 2012. (Hint: Some of the items will not appear on either statement, and ending retained earnings must be calculated.)
Salaries expense | $130,000 | Interest receivable (short term) | $ 400 |
Common stock | 68,000 | Beginning retained earnings | 41,200 |
Notes receivable (long term) | 10,000 | Operating expenses | 34,000 |
Allowance for doubtful accounts | 4,000 | Cash flow from investing activities | 80,000 |
Accumulated depreciation | 10,000 | Prepaid rent | 8,000 |
Notes payable (long term) | 26,900 | Land | 60,000 |
Salvage value of equipment | 4,000 | Cash | 20,000 |
Interest payable (short term) | 1,200 | Inventory | 16,000 |
Uncollectible accounts expense | 20,000 | Accounts payable | 1,800 |
Supplies | 900 | Interest expense | 5,000 |
Office equipment | 42,000 | Salaries payable | 3,400 |
Interest revenue | 10,800 | Unearned revenue | 16,000 |
Sales revenue | 400,000 | Cost of goods sold | 175,000 |
Dividends | 8,000 | Accounts receivable | 50,000 |
Rent expense | 4,000 |
|
|
We need at least 10 more requests to produce the solution.
0 / 10 have requested this problem solution
The more requests, the faster the answer.