6 Problem 7-21A Multistep income statement and balance sheet LO 7-1,7.5 Use the following information to prepare a multi-step income statement and a b alance sheet for Sherman Equipment Co. for Yeer 2 (Hint Some of the items will not appear on either statement, and ending retained earnings must be Items to be deducted must be indicated with a minus sign.) oints calculated.) (Balance Sheet only: 00 29.21 Salaries Expense Common Stock Notes Receivable (short term) Allowance for Doubtful Accounts Uncollectible Accounts Expense Supplies Interest Revenue Sales Revenue Dividends Interest Receivable (short term) Beginning Retained Earnings 89,888 Operating Expenses 1ee,eee Cash Flow from Investing Activities 44,000 Prepaid Rent 5 82,806 98,480 14, see 60,800 58,180 100, 388 66,800 32,000 168,890 76,600 9,800 Land eBook 18,100 Cash 3,280 Inventory 7,488 Accounts Payable 4800,000 Salaries Payable Print 5,580 Cost of Goods Sold 3,see Accounts Receivable 91,000 eferences NT CO. Income Statement For the Year Ending r 31, Year 2 Operating Expenses Non-Operating Items SHERMAN EQUIPMENT CO. Balance Sheet As of December 31, Year 2 Assets es Total assets Liabilities and Stockholders' Equity Current Liabilities Total Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity