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Use the following information to prepare a multi- step income statement and a balance sheet for Sherman Equipment Co. for Year 2 (Hint. Some Items to be deducted must be indicated with a minus sign. of the items will not appear on either statement, and ending retained earnings must be calculated) (Balance Sheet only Salaries Expense Common Stock Notes Receivable (short term) Allowance for Doubtful Accounts Uncollectible Accounts Expense Supplies Interest Revenue Sales Revenue Dividends Interest Receivable (short term) Beginning Retained Earnings s 72,000 Operating Expenses 100,000 Cash Flow from Investing Activities $ 65,000 81,400 12,880 43,000 48,400 98,600 49,000 15,000 151,000 59,000 27,000 Prepaid Rent 8,100 Land 8,400 Cash 1,500 Inventory 5,700 Accounts Payable 332,000 Salaries Payable 3,800 Cost of Goods Sold 1,800 Accounts Receivable 82,500