Multistep income statement and classified balance sheet
Required
Use the following information to prepare a multistep income statement and a classified balance sheet for Douglas Company for 2012. (Hint: Some of the items will not appear on either statement, and ending retained earnings must be calculated.)
Other operating expenses | $ 90,000 | Cash | $ 23,000 |
Land | 50,000 | Interest receivable (short term) | 800 |
Accumulated depreciation | 38,000 | Cash flow from investing activities | 102,000 |
Accounts payable | 60,000 | Allowance for doubtful accounts | 7,000 |
Unearned revenue | 58,000 | Interest payable (short term) | 3,000 |
Warranties payable (short term) | 2,000 | Sales revenue | 500,000 |
Equipment | 77,000 | Uncollectible accounts expense | 14,000 |
Notes payable (long term) | 129,000 | Interest expense | 32,000 |
Salvage value of equipment | 7,000 | Accounts receivable | 113,000 |
Dividends | 12,000 | Salaries payable | 12,000 |
Warranty expense | 5,000 | Supplies | 3,000 |
Beginning retained earnings | 28,800 | Prepaid rent | 14,000 |
Interest revenue | 6,000 | Common stock | 52,000 |
Gain on sale of equipment | 10,000 | Cost of goods sold | 179,000 |
Inventory | 154,000 | Salaries expense | 122,000 |
Notes receivable (short term) | 17,000 |
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