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    Income statement and classified balance sheet

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    Using the attached data, help me to prepare an income statement and a classified balance sheet.
    Cru-Mart, a convenience store opened by UMHB graduates, has the following trial balance for the year ended December 31, 2013.Construct, in good form, an income statement and balance sheet, each on its own worksheet. Account DR CR
    Cash 3,000
    Accounts receivable 1,500
    Fuel inventory 5,000
    Merchandise inventory 3,500
    Land 3,500
    Buildings 6,500
    Accounts payable 2,000
    Wages payable 1,800
    Sales taxes payable 400
    Notes payable 2,200
    Capital stock 10,000
    Retained Earnings (beginning) 6,100
    Dividends 1,500
    Fuel Sales 20,000
    Merchandise Sales 15,000
    Fuel Cost of Sales 18,000
    Merchandise Cost of Sales 10,000
    Wages Expense 1,500
    Advertising Expense 500
    Supplies expense 250
    Rent expense 1,250
    Utility Expense 800
    Income tax expense 700
    Totals 57,500 57,500.

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    Solution Summary

    This solution response explains how to prepare an income statement and classified balance sheet.