Below information pertains to Elier Equipment Company for the year 2018.

Required

Prepare a multistep income statement for Elier Equipment company for 2018.

Prepare a classified balance sheet for Elier Equipment Company for 2018.

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Salaries expense Common stock Notes receivable (short term) Allowance for doubtful accounts Accumulated depreciation Notes payable (long term) Salvage value of building Interest payable (short term) Uncollectible accounts expense Supplies Equipment Interest revenue Sales revenue Dividends Warranty expense Interest receivable (short term) $108,000 96,000 18,500 20,000 52,000 Beginning retained earnings Warranties payable (short term) Gain on sale of equipment Operating expenses Cash flow from investing activities Prepaid rent 88,800 16,000 Land 7,000 Cash 31,000 5,100 159,200 4,800 912,000 21,000 7,800 2,200 Inventory Accounts payable Interest Expense Salaries payable Unearned revenue Cost of goods sold Accounts receivable Depreciation expense $ 47,100 5,100 12,000 51,000 102,000 24,000 81,000 33,400 132,000 41,000 22,000 54,000 33,000 581,000 94,000 1,600 Salaries expense Common stock Notes receivable (short term) Allowance for doubtful accounts Accumulated depreciation Notes payable (long term) Salvage value of building Interest payable (short term) Uncollectible accounts expense Supplies Equipment Interest revenue Sales revenue Dividends Warranty expense Interest receivable (short term) $108,000 96,000 18,500 20,000 52,000 Beginning retained earnings Warranties payable (short term) Gain on sale of equipment Operating expenses Cash flow from investing activities Prepaid rent 88,800 16,000 Land 7,000 Cash 31,000 5,100 159,200 4,800 912,000 21,000 7,800 2,200 Inventory Accounts payable Interest Expense Salaries payable Unearned revenue Cost of goods sold Accounts receivable Depreciation expense $ 47,100 5,100 12,000 51,000 102,000 24,000 81,000 33,400 132,000 41,000 22,000 54,000 33,000 581,000 94,000 1,600

Answer rating: 100% (QA)

INCOME STATEMENT Sales revenue 912000 Cost of goods sold 581000 Gross profit 331000 Operating expens... View the full answer