Use the following information to prepare a multistep income statement and a classified balance sheet for Beamer
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Use the following information to prepare a multistep income statement and a classified balance sheet for Beamer Equipment Co. for 2010.
Balance SheetBalance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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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 building Interest payable (short term) Uncollectible accounts expense S 96,000 40,000 12,000 Beginning retained earnings Warranties payable (short term) Gain on sale of equipment S 10,400 1,300 6,400 70,000 80,000 4,000 Operating expenses 30,000 Cash flow from investing activities 103,600Prepaid rent 4,000 Land 36,000 17,800 Equipment Interest revenue Sales revenue Dividends Warranty expense Interest receivable (shart term 10,800 Inventory 60,000 Interest expense 396,000 Unearned revenue 1,800 1,600 4,200 8,000 Cash Accounts payable Salaries payable Cost of goods sold 24,000 9,200 52,600 3,400 Accounts receivable 90,000
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Beamer Equipment Co Income Statement For the Year Ending December 31 2010 Sales Revenue 396000 Cost of Goods Sold 143000 Gross Margin 253000 Operating ...View the full answer
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