Multistep income statement and balance sheet Required Use the following information to prepare a multistep income statement
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Multistep income statement and balance sheet
Required
Use the following information to prepare a multistep income statement and a classified balance sheet for Usrey Equipment Co. for2012.
Balance SheetBalance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Salaries expense Common stock Notes receivable (long term) Allowance for doubtful accounts Accumulated depreciation Notes payable (long term) Salvage value of equipment Interest payable (short term) Uncollectible accounts expense Supplies Office equipment Interest revenue Sales revenue Dividends Rent expense $130,000 68,000 10,000 4,000 10,000 26,900 4,000 1,200 20,000 Interest receivable (short term) Beginning retained earnings Operating expenses Cash flow from investing activities Prepaid rent Land Cash Inventory Accounts payable S 400 41,200 34,000 80,000 8,000 60,000 20,000 16,000 1,800 5,000 3,400 16,000 175,000 50,000 900 Interest expense 42,000 Salaries payable 10,800 Unearned revenue 400,000 Cost of goods sold 8,000 Accounts receivable 4,000
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Related Book For
Survey of Accounting
ISBN: 978-0078110856
3rd Edition
Authors: Thomas P. Edmonds, Frances M. McNair, Philip R. Olds, Bor Yi
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