Ch. 7: Multistep Income Statement and Balance Sheet: Use the following information to prepare a multistep income statement and a balance sheet for ABC Company for Year 2. (Hint: Some of the items will not appear on either statement.) Operating Expenses Accounts Payable S Land Dividends Beginning Retained Earnings Gain on sale of land Inventory Notes Receivable (short term) Cash Interest Receivable (short term) Cash Flow from Operating Activities $45,000 $48,000 $42,000 $10,000 $120,000 Salaries Payable $12,000 $108,000 $14,000 $98,200 Allowance for Doubtful Accounts Sales Revenue $2,300 $24,600 Uncollectible Accounts Expense Accounts Receivable Supplies Prepaid Rent Common Stock Cost of Goods Sold Salaries Expense Unearned Revenue $5,400 BS $380,000 $9,200 $85,000 $10,500 $4,200 $14,600 $110,000 $224,000 $63,400 $34,000
Ch. 7: Multistep Income Statement and Balance Sheet: Use the following information to prepare a multistep income statement and a balance sheet for ABC Company for Year 2. (Hint: Some of the items will not appear on either statement.) Operating Expenses Accounts Payable S Land Dividends Beginning Retained Earnings Gain on sale of land Inventory Notes Receivable (short term) Cash Interest Receivable (short term) Cash Flow from Operating Activities $45,000 $48,000 $42,000 $10,000 $120,000 Salaries Payable $12,000 $108,000 $14,000 $98,200 Allowance for Doubtful Accounts Sales Revenue $2,300 $24,600 Uncollectible Accounts Expense Accounts Receivable Supplies Prepaid Rent Common Stock Cost of Goods Sold Salaries Expense Unearned Revenue $5,400 BS $380,000 $9,200 $85,000 $10,500 $4,200 $14,600 $110,000 $224,000 $63,400 $34,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please do not give solution in image format thanku
![Ch. 7: Multistep Income Statement and Balance Sheet: Use the following information to prepare a
multistep income statement and a balance sheet for ABC Company for Year 2. (Hint: Some of the items
will not appear on either statement.)
5 Operating Expenses
Accounts Payable
S Land
Dividends
Beginning Retained Earnings
Gain on sale of land
Inventory
Notes Receivable (short term)
Cash
Interest Receivable (short term)
Cash Flow from Operating Activities
$45,000
$48,000
$42,000
Allowance for Doubtful Accounts
Sales Revenue
Uncollectible Accounts Expense
Accounts Receivable
Salaries Payable
$10,000
$120,000
$12,000 Supplies
$108,000
$14,000
$98,200
$2,300
$24,600
Prepaid Rent
Common Stock
Cost of Goods Sold
Salaries Expense
Unearned Revenue
$5,400 BS
$380,000
$9,200
$85,000
$10,500
$4,200
$14,600
$110,000
$224,000
$63,400
$34,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6ff57eeb-02cd-4ad2-bfa7-7cf3c326946a%2F7bb6460c-2880-4619-87ee-7be8d80dca2a%2Fbdk0zgc_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Ch. 7: Multistep Income Statement and Balance Sheet: Use the following information to prepare a
multistep income statement and a balance sheet for ABC Company for Year 2. (Hint: Some of the items
will not appear on either statement.)
5 Operating Expenses
Accounts Payable
S Land
Dividends
Beginning Retained Earnings
Gain on sale of land
Inventory
Notes Receivable (short term)
Cash
Interest Receivable (short term)
Cash Flow from Operating Activities
$45,000
$48,000
$42,000
Allowance for Doubtful Accounts
Sales Revenue
Uncollectible Accounts Expense
Accounts Receivable
Salaries Payable
$10,000
$120,000
$12,000 Supplies
$108,000
$14,000
$98,200
$2,300
$24,600
Prepaid Rent
Common Stock
Cost of Goods Sold
Salaries Expense
Unearned Revenue
$5,400 BS
$380,000
$9,200
$85,000
$10,500
$4,200
$14,600
$110,000
$224,000
$63,400
$34,000
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