Use the following information to prepare a multistep income statement and a balance sheet for Sherman 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 Uncollectible accounts expense Supplies Interest revenue Sales revenue Dividends Interest receivable (short term) Beginning retained earnings $79,000 100,000 34,000 8,800 Land 9,100 Cash 2,200 6,400 360,000 4,500 Operating expenses Cash Flow from investing activities: Prepaid rent 2,500 86,000 Inventory. Accounts payable. Salaries payable Cost of goods sold Accounts receivable) $72,000 88,400 13,500 50,000 49,100 99,300 56,000 22,000 158,000 66,000
Use the following information to prepare a multistep income statement and a balance sheet for Sherman 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 Uncollectible accounts expense Supplies Interest revenue Sales revenue Dividends Interest receivable (short term) Beginning retained earnings $79,000 100,000 34,000 8,800 Land 9,100 Cash 2,200 6,400 360,000 4,500 Operating expenses Cash Flow from investing activities: Prepaid rent 2,500 86,000 Inventory. Accounts payable. Salaries payable Cost of goods sold Accounts receivable) $72,000 88,400 13,500 50,000 49,100 99,300 56,000 22,000 158,000 66,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:Use the following information to prepare a multistep income statement and a balance sheet for Sherman 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
Uncollectible accounts expense
Supplies
Interest revenue
Sales revenue
Dividends
Interest receivable (short term)
Beginning retained earnings
Req A1
$79,000
100,000
34,000
Reg A2
Assets
Operating expenses
Cash Flow from investing activities
Prepaid rent
Complete this question by entering your answers in the tabs below.
Land
Cash
8,800
9,100
2,200
Inventory
6,400
Accounts payable
360,000 Salaries payable
Cost of goods sold
4,500
2,500
Accounts receivable.
86,000
Prepare a balance sheet for Sherman Equipment Company for Year 2. (Enter amounts to be deducted with a minus sign.)
SHERMAN EQUIPMENT COMPANY
Balance Sheet
As of December 31, Year 24
0
< Prev
3 of 4
Next >
$72,000
88,400
13,500
50,000
49,100
99,300
56,000
22,000
158,000
66,000
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