2) Use the amounts below to prepare (1) Multi Step Income Statement, (2) Statement of Retained...

Transcribed Image Text:

2) Use the amounts below to prepare (1) Multi Step Income Statement, (2) Statement of Retained Earnings & (3) Classified Balance Sheet (50 points): Stockton Company For the Year Ending December 31, 2020 Cash 2,030 Accounts Receivable 1,100 Inventory 1,400 Prepaid Insurance 700 Short term Notes Receivable 500 Long term Notes Receivable 100 Investments (held thru 2025) 2,000 Land (not used in operations) 5,000 Equipment 13,700 Accumulated Depreciation 1,100 Patents 600 Accounts Payable 5,900 Notes Payable - Long Term 1,200 Common Stock 16,600 Retained Earnings (12/31/19) 1,940 Dividends 5,790 Gross Sales Revenue 15,000 Sales Discounts 1,500 Sales Returns & Allowances 2,000 Cost of Goods Sold 1,750 Wages Expense 500 Rent Expense 1,960 Utilities Expense 775 Depreciation Expense 250 Miscellaneous Expense 85 2) Use the amounts below to prepare (1) Multi Step Income Statement, (2) Statement of Retained Earnings & (3) Classified Balance Sheet (50 points): Stockton Company For the Year Ending December 31, 2020 Cash 2,030 Accounts Receivable 1,100 Inventory 1,400 Prepaid Insurance 700 Short term Notes Receivable 500 Long term Notes Receivable 100 Investments (held thru 2025) 2,000 Land (not used in operations) 5,000 Equipment 13,700 Accumulated Depreciation 1,100 Patents 600 Accounts Payable 5,900 Notes Payable - Long Term 1,200 Common Stock 16,600 Retained Earnings (12/31/19) 1,940 Dividends 5,790 Gross Sales Revenue 15,000 Sales Discounts 1,500 Sales Returns & Allowances 2,000 Cost of Goods Sold 1,750 Wages Expense 500 Rent Expense 1,960 Utilities Expense 775 Depreciation Expense 250 Miscellaneous Expense 85

Answer rating: 100% (QA)

Stockton Company Financial Statements December 31 2020 1 MultiStep Income Statement Stockton Company Income Statement For the Year Ended December 31 2... View the full answer