Reference no: EM132813614

Question - As of December 31, 2019, Yamas had the following items on hand. Put together a multi-step income statement and classified balance sheet.

Accumulated Depreciation $22,000

Sales Revenue $241,000

Retained Earnings, 1/1/19 $36,200

Lease Expense $2000

Patent $121,000

Finished Goods $24,000

Interest Payable $1,000

Cash (which includes $15,000 as restricted for a short term lease) $50,000

Income Tax 21%

Wage Expense $13,000

Accounts Receivable $48,000

Treasury Stock $9,000

Lease Payable $14,000

Wage Payable $32,000

Allowance for Doubtful Account $3,500

Bonds Payable ($25,000 due within 12 months) $167,000

Trading Securities $46,000

Common Stock $125,000

Building $140,000

Dividends Paid $25,000

Equity Investment, due in 18 months $12,000

Cost of Gods Sold $70,000

Depreciation Expense $20,000