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Question - McDonald Marina provides docking and cleaning services for pleasure boats at its marina in southern Florida. The following account balances are available:
Accounts payable
$26,400
Interest expense
$236,000
Accounts receivable
268,700
Interest payable
18,000
Accumulated depreciation (building)
64,500
Land
875,000
Accumulated depreciation (equipment)
950,400
Rent expense
14,600
Bonds payable (due 2024)
2,000,000
Rent payable
2,400
Building
197,300
Retained earnings, 12/31/2018
128,600
Cash
22,300
Service revenue (cleaning)
472,300
Common stock (40,000 shares)
600,000
Service revenue (docking)
1,460,000
Depreciation expense (building)
21,500
Supplies
9,800
Depreciation expense (equipment)
246,300
Supplies expense
89,100
Dividends
25,300
Utilities expense
239,400
Equipment
2,490,000
Wages expense
987,200
Income taxes expense
21,700
Wages payable
21,600
Required -
1. Prepare a single-step income statement, a retained earnings statement, and a classified balance sheet for the year ended December 31, 2019.
2. Conceptual Connection: How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina?
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