Salaries expense Common stock Notes receivable (short term) Allowance for doubtful accounts Accumulated depreciation Notes payable (long term) salvage value of equipment Interest payable (short term) Uncollectible accounts expense Supplies office equipment Interest revenue Sales revenue Dividends Rent expense Inc Stmt Bal Sheet Operating expenses $121,930 51,500 Total operating expenses 17,770 7,980 40,500 Non-operating Items 123,000 6,550 2,600 13,090 3,060 75,410 6,060 501,380 12,800 5,430 equired repare a multistep Income statement and balance sheet for Chun Equipment Co. for Year 2. Total non-operating items Interest receivable (short term) Beginning retained earnings Operating expenses Complete this question by entering your answers in the tabs below. Cash flow from investing activities Prepaid rent Land Cash Inventory Accounts payable Prepare a multistep income statement for Chun Equipment Co. for Year 2. CHUN EQUIPMENT CO. Income Statement For the Year Ended December 31, Year 2 Interest expense Salaries payable Unearned revenue Cost of goods sold Accounts receivable 0 $ 790 53,814 90,740 (98,290) 14,730 51,500 24,480 161,270 57,740 33,260 12,450 60,990 179,494 112,260

Salaries expense Common stock Notes receivable (short term) Allowance for doubtful accounts Accumulated depreciation Notes payable (long term) salvage value of equipment Interest payable (short term) Uncollectible accounts expense Supplies office equipment Interest revenue Sales revenue Dividends Rent expense Inc Stmt Bal Sheet Operating expenses $121,930 51,500 Total operating expenses 17,770 7,980 40,500 Non-operating Items 123,000 6,550 2,600 13,090 3,060 75,410 6,060 501,380 12,800 5,430 equired repare a multistep Income statement and balance sheet for Chun Equipment Co. for Year 2. Total non-operating items Interest receivable (short term) Beginning retained earnings Operating expenses Complete this question by entering your answers in the tabs below. Cash flow from investing activities Prepaid rent Land Cash Inventory Accounts payable Prepare a multistep income statement for Chun Equipment Co. for Year 2. CHUN EQUIPMENT CO. Income Statement For the Year Ended December 31, Year 2 Interest expense Salaries payable Unearned revenue Cost of goods sold Accounts receivable 0 $ 790 53,814 90,740 (98,290) 14,730 51,500 24,480 161,270 57,740 33,260 12,450 60,990 179,494 112,260

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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