The following information pertains to Eller Equipment Company for Year 1. (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) $121,000 109,000 31,500 18,000 65,000 95,950 20,000 5,000 44,000 6,400 178,050 6,100 938,000 19,000 9,100 3,500 Beginning retained earnings Warranties payable (short term) Gain on sale of equipment Operating expenses Cash flow from investing activities Prepaid rent Land Cash Inventory Accounts payable Interest Expense Salaries payable Unearned revenue Cost of goods sold Accounts receivable Depreciation expense Required Prepare a multistep income statement for Eller Equipment Company for Year 1. Prepare a classified balance sheet for Eller Equipment Company for Year 1. $ 60,100 6,400 18,000 64,000 115,000 37,000 94,000 42,100 100, 54,099 35,000 67,000 46,000 594,000 107,000 2,900

The following information pertains to Eller Equipment Company for Year 1. (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) $121,000 109,000 31,500 18,000 65,000 95,950 20,000 5,000 44,000 6,400 178,050 6,100 938,000 19,000 9,100 3,500 Beginning retained earnings Warranties payable (short term) Gain on sale of equipment Operating expenses Cash flow from investing activities Prepaid rent Land Cash Inventory Accounts payable Interest Expense Salaries payable Unearned revenue Cost of goods sold Accounts receivable Depreciation expense Required Prepare a multistep income statement for Eller Equipment Company for Year 1. Prepare a classified balance sheet for Eller Equipment Company for Year 1. $ 60,100 6,400 18,000 64,000 115,000 37,000 94,000 42,100 100, 54,099 35,000 67,000 46,000 594,000 107,000 2,900

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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