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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text: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
$121,930 Interest receivable (short term)
Beginning retained earnings
Operating expenses
Operating expenses
51,500
17,770
Total operating expenses
7,980
40,500
123,000
6,550
2,600
13,090
Required
Prepare a multistep Income statement and balance sheet for Chun Equipment Co. for Year 2.
Non-operating Items
3,060
75,410
6,060
501,380
12,800
5,430
Complete this question by entering your answers in the tabs below.
Income Statement
For the Year Ended December 31, Year 2
Total non-operating items
Cash flow from investing activities
Prepaid rent
Land
Cash
Prepare a multistep income statement for Chun Equipment Co. for Year 2.
CHUN EQUIPMENT CO.
Inventory
Accounts payable
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
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