Year 2. (Hint: Some of the items will not appear on either statement, and ending retained...

Transcribed Image Text:

Year 2. (Hint: Some of the items will not appear on either statement, and ending retained earnings must be calculated.) Salaries expense Common stock Notes receivable (short term) Allowance for doubtful accounts Accumulated depreciation Notes payable (long term) Salvage value of building Interest payable (short term) Uncollectible accounts expense Supplies Equipment Interest revenue Sales revenue Dividends Warranty expense Interest receivable (short term) $ 114,000 Beginning retained earnings 102,000 Warranties payable (short term) 24,500 Gain on sale of equipment 11,000 Operating expenses 58,000 Cash flow from investing activities 152,000 Prepaid rent 13,000 Land 8,000 37,000 Cash Inventory $ 53,100 5,700 11,000 57,000 108,000 30,000 87,000 51,800 101,000 47,000 28,000 60,000 924,000 Unearned revenue 39,000 12,000 8,400 2,800 Cost of goods sold Accounts receivable Depreciation expense 587,000 100,000 2,200 227,800 5,700 Accounts payable Interest expense 5,400 Salaries payable Complete this question by entering your answers in the tabs below. Income Statement Balance Sheet Prepare a multistep income statement for Eller Equipment Company for Year 2. (Amounts to be deducted should be indicated with a minus sign.) ELLER EQUIPMENT COMPANY Income Statement For the Year Ending December 31, Year 2 Operating expenses Total operating expenses Non-operating items Total non-operating items < Income Statement Balance Sheet > Year 2. (Hint: Some of the items will not appear on either statement, and ending retained earnings must be calculated.) Salaries expense Common stock Notes receivable (short term) Allowance for doubtful accounts Accumulated depreciation Notes payable (long term) Salvage value of building Interest payable (short term) Uncollectible accounts expense Supplies Equipment Interest revenue Sales revenue Dividends Warranty expense Interest receivable (short term) $ 114,000 Beginning retained earnings 102,000 Warranties payable (short term) 24,500 Gain on sale of equipment 11,000 Operating expenses 58,000 Cash flow from investing activities 152,000 Prepaid rent 13,000 Land 8,000 37,000 Cash Inventory $ 53,100 5,700 11,000 57,000 108,000 30,000 87,000 51,800 101,000 47,000 28,000 60,000 924,000 Unearned revenue 39,000 12,000 8,400 2,800 Cost of goods sold Accounts receivable Depreciation expense 587,000 100,000 2,200 227,800 5,700 Accounts payable Interest expense 5,400 Salaries payable Complete this question by entering your answers in the tabs below. Income Statement Balance Sheet Prepare a multistep income statement for Eller Equipment Company for Year 2. (Amounts to be deducted should be indicated with a minus sign.) ELLER EQUIPMENT COMPANY Income Statement For the Year Ending December 31, Year 2 Operating expenses Total operating expenses Non-operating items Total non-operating items < Income Statement Balance Sheet >