Using the data below, prepare a multiple-step income statement of Russel Company for the year 2022,...

 

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Using the data below, prepare a multiple-step income statement of Russel Company for the year 2022, and prepare a classified balance sheet in a good form of Russel Company as of December 31, 2022. (Income Statement, 8 Marks; Balance Sheet, 8 Marks) (each mistake or missing will get-1) Accounts Accumulated Depreciation Equipment Depreciation Expense-Equipment Allowance for Doubtful Accounts Utility Expense Cash Russel Company 31-Dec-22 Accounts Payable Discount on Bonds Payable Rent Expense Utilities Payable Supplies Supplies Expense Accounts Receivable Salaries Payable Salaries Expense Sales Revenue Inventories Common Stock Accumulated Depreciation-Building Depreciation Expense-Building Debit Balance 12,500 8,500 5,500 4,000 13,000 2,300 9,400 5,000 32,000 15,000 4,000 Credit Balance 25,000 200 3,600 1.500 3.500 180,000 60,000 12,000 Sales Returns Notes Payable (due in 4 years) Bad Debt Expense Interest Expense Bonds Payable (due in 9 years) Equipment Prepaid Rent Sales Allowances Building Cost of Goods Sold Retained Earnings Total 1.500 150 6,650 125,000 6.500 3.500 200,000 111,800 $66,300 20,000 80,000 180,500 566,300 Using the data below, prepare a multiple-step income statement of Russel Company for the year 2022, and prepare a classified balance sheet in a good form of Russel Company as of December 31, 2022. (Income Statement, 8 Marks; Balance Sheet, 8 Marks) (each mistake or missing will get-1) Accounts Accumulated Depreciation Equipment Depreciation Expense-Equipment Allowance for Doubtful Accounts Utility Expense Cash Russel Company 31-Dec-22 Accounts Payable Discount on Bonds Payable Rent Expense Utilities Payable Supplies Supplies Expense Accounts Receivable Salaries Payable Salaries Expense Sales Revenue Inventories Common Stock Accumulated Depreciation-Building Depreciation Expense-Building Debit Balance 12,500 8,500 5,500 4,000 13,000 2,300 9,400 5,000 32,000 15,000 4,000 Credit Balance 25,000 200 3,600 1.500 3.500 180,000 60,000 12,000 Sales Returns Notes Payable (due in 4 years) Bad Debt Expense Interest Expense Bonds Payable (due in 9 years) Equipment Prepaid Rent Sales Allowances Building Cost of Goods Sold Retained Earnings Total 1.500 150 6,650 125,000 6.500 3.500 200,000 111,800 $66,300 20,000 80,000 180,500 566,300