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use the following information to prepare a multistep income statement and a classifi 650391

Multistep income statement and classified balance sheet

Required

Use the following information to prepare a multistep income statement and a classified balance sheet for Beamer Equipment Co. for 2010.

Salaries expense

$ 96,000

Beginning retained earnings

$ 10,400

Common stock

40,000

Warranties payable (short term)

1,300

Notes receivable (short term)

12,000

Gain on sale of equipment

6,400

Allowance for doubtful accounts

4,000

Operating expenses

70,000

Accumulated depreciation

30,000

Cash flow from investing activities

80,000

Notes payable (long term)

103,600

Prepaid rent

9,600

Salvage value of building

4,000

Land

36,000

Interest payable (short term)

1,800

Cash

17,800

Uncollectible accounts expense

10,800

Inventory

122,800

Supplies

1,600

Accounts payable

46,000

Equipment

60,000

Interest expense

24,000

Interest revenue

4,200

Salaries payable

9,200

Sales revenue

396,000

Unearned revenue

52,600

Dividends

8,000

Cost of goods sold

143,000

Warranty expense

3,400

Accounts receivable

90,000

Interest receivable (short term)

500

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