Question: Multistep income statement and balance sheet Required Use the following information to prepare a multistep income statement and a classified balance sheet for Reza Equipment

Multistep income statement and balance sheet

Required

Use the following information to prepare a multistep income statement and a classified balance sheet for Reza Equipment Co. for2010.

S 96,000 Interest receivable (short term S 500 Notes receivable (short term) Allowance for doubtful accounts 40,000 Beginning retained eamings 12000 Operating expenses 4,000 Cash flow from investing activities Notes payabie (long terml Salvage value of building Interest payable (short terml Uncollectible accounts expense 10,800 60,000 396,000 Accounts payable Salaries payable Cost of goods sold

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