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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 $ 69,000 Operating Expenses 100,000 Cash Flow from Investing Activities 24,000 Prepaid Rent Required A Required B 7,800 Land 8,100 Cash 1,200 Inventory 5,400 Accounts Payable 320,000 Salaries Payable 3,500 Cost of Goods Sold 1,500 Accounts Receivable 81,000 Dividends Interest Receivable (short tere) Beginning Retained Earnings Complete this question by entering your answers in the tabs below. Prepare a multistep income statement for Sherman Equipment Company for year 2. $ 62,000 78,400 12,500 40,000 48,100 98,300 46,000 12,000 148,000 56,000

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 $ 69,000 Operating Expenses 100,000 Cash Flow from Investing Activities 24,000 Prepaid Rent Required A Required B 7,800 Land 8,100 Cash 1,200 Inventory 5,400 Accounts Payable 320,000 Salaries Payable 3,500 Cost of Goods Sold 1,500 Accounts Receivable 81,000 Dividends Interest Receivable (short tere) Beginning Retained Earnings Complete this question by entering your answers in the tabs below. Prepare a multistep income statement for Sherman Equipment Company for year 2. $ 62,000 78,400 12,500 40,000 48,100 98,300 46,000 12,000 148,000 56,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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 Required A Required B Complete this question by entering your answers in the tabs below. Expenses $ 69,000 Operating Expenses 100,000 Cash Flow from Investing Activities 24,000 Prepaid Rent 7,800 Total expenses Prepare a multistep income statement for Sherman Equipment Company for year 2. SHERMAN EQUIPMENT COMPANY 4 Income Statement For the Year Ending December 31, Year 2 Non-operating items 8,100 1,200 Inventory 5,400 Accounts Payable 320,000 Salaries Payable. 3,500 Cost of Goods Sold 1,500 Accounts Receivable 81,000 Land Cash 0 0 0 $ 62,000 78,400 12,500 40,000 48,100 98,300 46,000 12,000 148,000 56,000
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 Required A Required B Complete this question by entering your answers in the tabs below. Expenses $ 69,000 Operating Expenses 100,000 Cash Flow from Investing Activities 24,000 Prepaid Rent 7,800 Total expenses Prepare a multistep income statement for Sherman Equipment Company for year 2. SHERMAN EQUIPMENT COMPANY 4 Income Statement For the Year Ending December 31, Year 2 Non-operating items 8,100 1,200 Inventory 5,400 Accounts Payable 320,000 Salaries Payable. 3,500 Cost of Goods Sold 1,500 Accounts Receivable 81,000 Land Cash 0 0 0 $ 62,000 78,400 12,500 40,000 48,100 98,300 46,000 12,000 148,000 56,000
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 Assets Complete this question by entering your answers in the tabs below. Total assets $ 69,000 Operating Expenses 100,000 Cash Flow from Investing Activities 24,000 Prepaid Rent 7,800 Land SHERMAN EQUIPMENT COMPANY Balance Sheet As of December 31, Year 2 8,100 Cash. 1,200 Inventory 5,400 Accounts Payable Salaries Payable Cost of Goods Sold Listilities and Storkholdere Fanitu 320,000 3,500 1,500 Accounts Receivable 81,000 Required A Required B Prepare a balance sheet for Sherman Equipment Company for year 2. Note: Amounts to be deducted should be indicated with a minus sign. Be sure to list the assets in the order of their liquidity. 0 $ 62,000 78,400 12,500 40,000 48,100 98,300 46,000 $ 12,000 148,000 56,000 4
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 Assets Complete this question by entering your answers in the tabs below. Total assets $ 69,000 Operating Expenses 100,000 Cash Flow from Investing Activities 24,000 Prepaid Rent 7,800 Land SHERMAN EQUIPMENT COMPANY Balance Sheet As of December 31, Year 2 8,100 Cash. 1,200 Inventory 5,400 Accounts Payable Salaries Payable Cost of Goods Sold Listilities and Storkholdere Fanitu 320,000 3,500 1,500 Accounts Receivable 81,000 Required A Required B Prepare a balance sheet for Sherman Equipment Company for year 2. Note: Amounts to be deducted should be indicated with a minus sign. Be sure to list the assets in the order of their liquidity. 0 $ 62,000 78,400 12,500 40,000 48,100 98,300 46,000 $ 12,000 148,000 56,000 4
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