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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

FINANCIAL ACCOUNTING
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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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
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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