Multistep income statement and balance sheet

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Reference no: EM13555682

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



Reference no: EM13555682

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