Prepare a multistep income statement for Eller Equipment Company for Year 2. (Amou with a minus sign.) Prepare a multistep Balance sheet for Eller Equipment Company for Year 2. (Amounts t a minus sign.)

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Use the following information to prepare a multistep income statement and a classified balance sheet for Eller Equipment Company
for Year 2. (Hint: Some of the items will not appear on either statement, and ending retained earnings must be calculated.)
Salaries expense
Common stock
Notes receivable (short term)
Allowance for doubtful accounts
Accumulated depreciation
Notes payable (long term)
Salvage value of building.
Interest payable (short term)
Uncollectible accounts expense
Supplies
Equipment
Interest revenue.
Sales revenue
Dividends
Warranty expense
Interest receivable (short term)
$ 109,000 Beginning retained earnings
97,000 Warranties payable (short term)
19,500 Gain on sale of equipment i
21,000 Operating expenses
53,000 Cash flow from investing activities
147,000 Prepaid rent
17,000 Land
8,000 Cash
32,000 Inventory
5,200 Accounts payable.
218,300 Interest expense
4,900 Salaries payable.
914,000 Unearned revenue
22,000 Cost of goods sold
7,900 Accounts receivable
2,300 Depreciation expense
$ 48,100
5,200
13,000
52,000
103,000
25,000
82,000
35,300
130,000
42,000
23,000
55,000
34,000
582,000
95,000
1,700
Transcribed Image Text:Required Use the following information to prepare a multistep income statement and a classified balance sheet for Eller Equipment Company for Year 2. (Hint: Some of the items will not appear on either statement, and ending retained earnings must be calculated.) Salaries expense Common stock Notes receivable (short term) Allowance for doubtful accounts Accumulated depreciation Notes payable (long term) Salvage value of building. Interest payable (short term) Uncollectible accounts expense Supplies Equipment Interest revenue. Sales revenue Dividends Warranty expense Interest receivable (short term) $ 109,000 Beginning retained earnings 97,000 Warranties payable (short term) 19,500 Gain on sale of equipment i 21,000 Operating expenses 53,000 Cash flow from investing activities 147,000 Prepaid rent 17,000 Land 8,000 Cash 32,000 Inventory 5,200 Accounts payable. 218,300 Interest expense 4,900 Salaries payable. 914,000 Unearned revenue 22,000 Cost of goods sold 7,900 Accounts receivable 2,300 Depreciation expense $ 48,100 5,200 13,000 52,000 103,000 25,000 82,000 35,300 130,000 42,000 23,000 55,000 34,000 582,000 95,000 1,700
Prepare a multistep income statement for Eller Equipment Company for Year 2. (Amou
with a minus sign.)
Prepare a multistep Balance sheet for Eller Equipment Company for Year 2. (Amounts to
a minus sign.)
ELLER EQUIPMENT COMPANY
Transcribed Image Text:Prepare a multistep income statement for Eller Equipment Company for Year 2. (Amou with a minus sign.) Prepare a multistep Balance sheet for Eller Equipment Company for Year 2. (Amounts to a minus sign.) ELLER EQUIPMENT COMPANY
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