Question

Use the following information to prepare a multistep income statement and a balance sheet for Legg Company for 2013.
Operating Expenses .............. $ 45,000
Accounts Payable .............. 48,000
Land ................... 45,000
Dividends ................. 10,000
Beginning Retained Earnings .......... 120,100
Interest Revenue ............... 12,000
Inventory ................. 105,000
Notes Receivable (short term) ......... 15,000
Cash ..................... 16,700
Interest Receivable (short term) ......... 2,100
Cash Flow from Investing Activities ....... (91,600)
Allowance for Doubtful Accounts ........ $ 6,500
Sales Revenue ................ 350,000
Uncollectible Accounts Expense ......... 9,600
Accounts Receivable ............... 92,000
Salaries Payable ............... 10,500
Supplies .................. 4,500
Prepaid Rent ................ 16,000
Common Stock ............... 60,000
Cost of Goods Sold .............. 225,000
Salaries Expense ................ 61,200
Unearned Revenue ............... 40,000



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  • CreatedOctober 26, 2013
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