McDonald Boat Company sells pleasure boats in southern Florida. The following account balances are available:

Accounts payable $$26,400$ Interest expense $$99,700$

Accounts receivable $268,700$ Interest payable $17,000$

Accumulated depreciation $($building$)63,900$ Land $876,000$

Accumulated depreciation $($equipment$)950,600$ Rent expense $14,800$

Bonds payable $($due in $5$ years$)2,000,000$ Rent payable $2,400$

Building $197,400$ Retained earnings, Jan. $1111,000$

Cash $22,400$ Sales revenue $1,932,200$

Common stock $(40,000$ shares$)600,000$ Supplies $9,600$

Cost of goods sold $988,000$ Supplies expense $89,300$

Depreciation expense $($building$)21,300$ Utilities expense $131,600$

Depreciation expense $($equipment$)146,500$ Wages expense $342,900$

Dividends $25,200$ Wages payable $21,700$

Equipment $2,470,000$

Income taxes expense $21,800$

   

 

Required:

$1.$ Prepare a single$-$step income statement, a retained earnings statement, and a classified balance sheet for the year ended December $31.$

$2.$ Prepare a multiple$-$step income statement.

$3.$ Conceptual Connection: How would a multiple$-$step income statement be different from the single$-$step income statement you prepared for McDonald Boat Company?