Use the following information to prepare a multistep income statement and a balance sheet for Belmont Equipment
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Use the following information to prepare a multistep income statement and a balance sheet for Belmont Equipment Co. for 2011. (Some of the items will not appear on either statement, and ending retained earnings must be calculated.)
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Salaries Expense $ 96,000 Operating Expenses $ 70,000 Common Stock 140,000 Cash Flow from Investing Activities 80,000 Notes Receivable (short term) 12,000 Prepaid Rent 9,600 Allowance for Doubtful Accounts 4,000 Land 36,000 Uncollectible Accounts Expense 10,800 Cash 17,800 Supplies 1,600 Inventory 122,800 Interest Revenue 10,600 Accounts Payable 46,000 Sales Revenue 396,000 Salaries Payable 9,200 Dividends Interest Receivable (short term) 8,000 Cost of Goods Sold 143,000 500 Accounts Receivable 88,100 Beginning Retained Earnings 10,400
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