use the following information to prepare a multistep income statement and a classifi 650296
Multistep income statement and balance sheet
Required
Use the following information to prepare a multistep income statement and a classified balance sheet for Reza Equipment Co. for 2010.
|
Salaries expense |
$ 96,000 |
Interest receivable (short term) |
$ 500 |
|
Common stock |
40,000 |
Beginning retained earnings |
18,100 |
|
Notes receivable (short term) |
12,000 |
Operating expenses |
70,000 |
|
Allowance for doubtful accounts |
4,000 |
Cash flow from investing activities |
80,000 |
|
Accumulated depreciation |
30,000 |
Prepaid rent |
9,600 |
|
Notes payable (long term) |
103,600 |
Land |
36,000 |
|
Salvage value of building |
4,000 |
Cash |
17,800 |
|
Interest payable (short term) |
1,800 |
Inventory |
122,800 |
|
Uncollectible accounts expense |
10,800 |
Accounts payable |
46,000 |
|
Supplies |
1,600 |
Interest expense |
24,000 |
|
Equipment |
60,000 |
Salaries payable |
9,200 |
|
Interest revenue |
4,200 |
Unearned revenue |
52,600 |
|
Sales revenue |
396,000 |
Cost of goods sold |
143,000 |
|
Dividends |
8,000 |
Accounts receivable |
90,000 |
|
Rent expense |
3,400 |