The following are the information for Chun Equipment Co. for 2018. (some of the items will not appear on either statement, and ending retained earnings must be calculated.)

Required

Prepare a multistep income statement and balance sheet for Chun Equipment Co. for 2018.

Prepare the balance sheet for Chun Equipment Co. for 2018. (Be sure to list the assets in the order of the assets in the order of their liquidity.)

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Salaries expense Common stock Notes receivable (short term) Allowance for doubtful accounts Accumulated depreciation Notes payable (long term) Salvage value of equipment Interest payable (short term) Uncollectible accounts expense Supplies Office equipment Interest revenue Sales revenue Dividends Rent expense $121,290 52,500 17,940 6,880 33,600 125,530 Interest receivable (short term) Beginning retained earnings Operating expenses Cash flow from investing activities Prepaid rent Land Cash 6,790 3,230 13,950 2,990 77,530 6,230 501,940 Cost of goods sold 12,700 Accounts receivable 5,280 Inventory Accounts payable Interest expense Salaries payable Unearned revenue $ 500 51, 195 87,930 (101,710) 13,690 53,600 20,270 162,250 62,640 30,570 12,780 55,690 179,695 112,030 Salaries expense Common stock Notes receivable (short term) Allowance for doubtful accounts Accumulated depreciation Notes payable (long term) Salvage value of equipment Interest payable (short term) Uncollectible accounts expense Supplies Office equipment Interest revenue Sales revenue Dividends Rent expense $121,290 52,500 17,940 6,880 33,600 125,530 Interest receivable (short term) Beginning retained earnings Operating expenses Cash flow from investing activities Prepaid rent Land Cash 6,790 3,230 13,950 2,990 77,530 6,230 501,940 Cost of goods sold 12,700 Accounts receivable 5,280 Inventory Accounts payable Interest expense Salaries payable Unearned revenue $ 500 51, 195 87,930 (101,710) 13,690 53,600 20,270 162,250 62,640 30,570 12,780 55,690 179,695 112,030