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    Usrey Equipment Co. : Multistep income statement and balanc

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    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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    Solution Preview

    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.

    $2.49

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