Question

Use the following information to prepare a multistep income statement and a classified balance sheet for Vernon Company for 2013.
Operating expenses .............. $45,000
Land ................... 75,000
Accumulated depreciation ............ 46,000
Accounts payable .............. 35,000
Unearned revenue .............. 27,000
Warranties payable (short term) ......... 4,500
Equipment .................. 96,000
Notes payable (long term) ............ 140,000
Salvage value of equipment .......... 10,000
Dividends ................. 15,000
Warranty expense .............. 7,200
Beginning retained earnings .......... 41,100
Interest revenue ................ 4,200
Gain on sale of equipment ............ 7,000
Inventory .................. 126,000
Notes receivable (short term) ........... 12,500
Cash ................... $46,000
Interest receivable (short term) .......... 1,500
Cash flow from investing activities ....... (96,000)
Allowance for doubtful accounts ........ 14,000
Interest payable (short term) .......... 6,000
Sales revenue ................. 900,000
Uncollectible accounts expense ......... 25,000
Interest expense ................ 16,000
Accounts receivable ............. 88,000
Salaries payable ............... 48,000
Supplies .................. 4,500
Prepaid rent ................ 18,000
Common stock ................ 90,000
Cost of goods sold .............. 575,000
Salaries expense .............. 102,000
Building ................. 110,000



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  • CreatedOctober 26, 2013
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