The accounts for the year ended October 31, 2018, for Lake City Industries, Inc., are listed next:

Requirements

1. Prepare Lake City Industries, Inc.?s multistep income statement.

2. Prepare Lake City Industries, Inc.?s statement of retained earnings.

3. Prepare Lake City Industries, Inc.?s classified balance sheet in report form.

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Sales Revenue. Equipment. Accounts Payable.. Estimated Inventory Returns... Advertising Expense. Interest Expense . Salaries Payable.. Accounts Receivable.. Building . Estimated Refund $371,300 85,000 11,600 1,800 12,300 1,700 2,500 6,800 155,000 Cost of Goods Sold... Accumulated Depreciation, Equipment . Unearned Sales Revenue . $138,600 26,400 4,300 4,800 43,600 Prepaid Rent.. Office Salaries Expense (General) .... Accumulated Depreciation, Building. Utilities Expense (General) Dividends. 61,200 3,800 60,000 18,450 7,850 1,100 7,500 Cash . Retained Earnings, 10/31/2017. Delivery Expense. Insurance Expense (General) ... Mortgage Payable (Long-Term) Supplies. 3,400 65,000 Liability . Common Stock . Depreciation Expense (General) . Inventory.. Commission Expense.. 10,300 20,700 31,200 50,000 900