Assignment 1: Chapter 16 1) The following balances are available for Sharjah Company on December 31, 2020: Accumulated depreciation Accounts payable Accounts receivable Additional paid-in capital Common stock Cash Fixed assets Interest payable Inventory Long-term notes payable Prepaid rent Retained earnings Wages payable $21,800 11,200 9,800 24,000 6,000 7,400 89,400 2,400 13,600 28,000 2,500 ? 6,400 Gened with CamScanner Required: Prepare a classified balance sheet at December 31, 2020. 2) The balances on December 31, 2020 are available for Dubai Company: 1 Accounts payable Accounts receivable Accumulated depreciation Retained earnings, December 31, 2018 Cash Cost of goods sold Depreciation expense Dividends declared Equipment Income tax expense Interest expense Inventory Long-term notes payable Paid-in capital Prepaid rent Rent expense Sales Wage expense Wages payable $2,550 3,550 6,250 ? 2,300 52,300 2,500 8,800 29,000 10,700 1,150 6,250 11,500 4,450 350 4,000 118,600 31,900 3,000 es Scanned with CamScanner Required: Prepare a classified balance sheet at December 31, 2020. 3) The balances on December 31, 2020 are available for Alfa Company: I Accounts payable Accounts receivable Accumulated depreciation Retained earnings, December 31, 2019 Cash Cost of goods sold Depreciation expense Dividends declared Equipment Income tax expense Interest expense Inventory Long-term notes payable Paid-in capital Prepaid rent Rent expense Sales Wage expense Wages payable $2,550 3,550 6,250 6,450 2,300 52,300 2,500 8,800 29,000 10,700 1,150 6,250 11,500 4,450 350 4,000 120,000 41,900 3,000 BEAUTE Required: Prepare a multiple-step income statement for the year ended December 31, 2020. 4) Wheel Company has the following balances at December 31, 2020: Retained earnings, December 31, 2019 Cost of goods sold Depreciation expense Dividends Income tax expense Interest expense Rent expense Sales Wage expense $30,000 56,000 1,450 8,000 2,000 1,050 1,700 68,000 6,800 CamScanner Required: Prepare a multiple step income statement for the year ended December 31, 2020