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Usrey Equipment Co. : Multistep income statement and balanc

Use the following information to prepare a multistep income statement and classified balance sheet for Usrey Equipment Co. for 2012 (Hint Some of the items will not appear on either statement, and ending retained earnings must be calculated)
 
Salaries expense $130,000 Interest receivable (short term) $ 400
Common stock 68,000 Beginning retained earnings 41,200
Notes receivable (long term) 10,000 Operating expenses 34,000
Allowance for doubtful accounts 4,000 Cash flow from investing activities 80,000
Accumulated depreciation 10,000 Prepaid rent 8,000
Notes payable (long term) 26,900 Land 60,000
Salvage value of equipment 4,000 Cash 20,000
Interest payable (short term) 1,200 Inventory 16,000
Uncollectible accounts expense 20,000 Accounts payable 1,800
Supplies 900 Interest expense 5,000
Office equipment 42,000 Salaries payable 3,400
Interest revenue 10,800 Unearned revenue 16,000
Sales revenue 400,000 Cost of goods sold 175,000
Dividends 8,000 Accounts receivable 50,000
Rent expense 4,000
 

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Dear student,

Your tutorial is in excel attached. The income statement and balance sheet on are separate tabs. The statement of ...

Solution Summary

Your tutorial is in excel attached. The income statement and balance sheet on are separate tabs. The statement of changes in retained earnings is also included with the balance sheet.

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