Use the following information to prepare a multistep income statement and a classified balance sheet...
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Accounting
Use the following information to prepare a multistep income statement and a classified balance sheet for Eller 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
$ 115,000
Beginning retained earnings
$ 54,100
Common stock
103,000
Warranties payable (short term)
5,800
Notes receivable (short term)
25,500
Gain on sale of equipment
12,000
Allowance for doubtful accounts
12,000
Operating expenses
58,000
Accumulated depreciation
59,000
Cash flow from investing activities
109,000
Notes payable (long term)
153,000
Prepaid rent
31,000
Salvage value of building
14,000
Land
88,000
Interest payable (short term)
9,000
Cash
50,700
Uncollectible accounts expense
38,000
Inventory
102,000
Supplies
5,800
Accounts payable
48,000
Equipment
229,700
Interest expense
29,000
Interest revenue
5,500
Salaries payable
61,000
Sales revenue
926,000
Unearned revenue
40,000
Dividends
13,000
Cost of goods sold
588,000
Warranty expense
8,500
Accounts receivable
101,000
Interest receivable (short term)
2,900
Depreciation expense
2,300
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