Creating Balance Sheets and Income Statements. Using the information in the below table, prepare a classified balance sheet for Arrow Company as of December 31, 2014 and December 31, 2015, along with multi-step income statements for the years then ended.

Required:

Prepare balance sheet and income statement for Arrow Company.

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Account Property, plant, and equipment (net) Long-term debt Depreciation expense. Retained earnings Sales revenue.... Income taxes. Current portion of long-term debt Total current liabilities.. Inventory...... Cost of goods sold. Cash..... Selling, general, and administrative expenses. Other current assets.. Accounts receivable.. Interest expense. Dividends..... Accounts payable... Common stock. December 31, 2014 $ 650 490 50 130 1,000 50 50 130 125 600 100 175 40 135 25 20 80 300 December 31, 2015 $ 735 690 60 295 1,500 70 70 160 300 900 140 290 40 230 50 25 90 300 Account Property, plant, and equipment (net) Long-term debt Depreciation expense. Retained earnings Sales revenue.... Income taxes. Current portion of long-term debt Total current liabilities.. Inventory...... Cost of goods sold. Cash..... Selling, general, and administrative expenses. Other current assets.. Accounts receivable.. Interest expense. Dividends..... Accounts payable... Common stock. December 31, 2014 $ 650 490 50 130 1,000 50 50 130 125 600 100 175 40 135 25 20 80 300 December 31, 2015 $ 735 690 60 295 1,500 70 70 160 300 900 140 290 40 230 50 25 90 300

Answer rating: 100% (QA)

Arrow Company Classified Balance Sheet As at 31 st December 2014 2015 Assets Current Assets Cash Ac... View the full answer