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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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