Below information pertains to Eller Equipment Company for the year 2018. (Hint: Some of the items will not appear on either statement, and ending retained earnings must be calculated.)

Salaries expense	$	118,000			Beginning retained earnings	$	57,100
Common stock		106,000			Warranties payable (short term)		6,100
Notes receivable (short term)		28,500			Gain on sale of equipment		15,000
Allowance for doubtful accounts		15,000			Operating expenses		61,000
Accumulated depreciation		62,000			Cash flow from investing activities		112,000
Notes payable (long term)		94,300			Prepaid rent		34,000
Salvage value of building		17,000			Land		91,000
Interest payable (short term)		7,000			Cash		42,400
Uncollectible accounts expense		41,000			Inventory		105,000
Supplies		6,100			Accounts payable		51,000
Equipment		173,700			Interest Expense		32,000
Interest revenue		5,800			Salaries payable		64,000
Sales revenue		932,000			Unearned revenue		43,000
Dividends		16,000			Cost of goods sold		591,000
Warranty expense		8,800			Accounts receivable		104,000
Interest receivable (short term)		3,200			Depreciation expense		2,600

Required

Prepare a multistep income statement for Eller Equipment Company for 2018.

Prepare a classified balance sheet for Eller Equipment Company for 2018.

Salaries expense	$	118,000			Beginning retained earnings	$	57,100
Common stock		106,000			Warranties payable (short term)		6,100
Notes receivable (short term)		28,500			Gain on sale of equipment		15,000
Allowance for doubtful accounts		15,000			Operating expenses		61,000
Accumulated depreciation		62,000			Cash flow from investing activities		112,000
Notes payable (long term)		94,300			Prepaid rent		34,000
Salvage value of building		17,000			Land		91,000
Interest payable (short term)		7,000			Cash		42,400
Uncollectible accounts expense		41,000			Inventory		105,000
Supplies		6,100			Accounts payable		51,000
Equipment		173,700			Interest Expense		32,000
Interest revenue		5,800			Salaries payable		64,000
Sales revenue		932,000			Unearned revenue		43,000
Dividends		16,000			Cost of goods sold		591,000
Warranty expense		8,800			Accounts receivable		104,000
Interest receivable (short term)		3,200			Depreciation expense		2,600

Required

Prepare a multistep income statement for Eller Equipment Company for 2018.

Salaries expense$118,000 Beginning retained earnings $57,100 Common stock 106,000 Warranties payable (short term) 6,100 Notes receivable (short term) 28,500 Gain on sale of equipment 15,000 Allowance for doubtful accounts 15,000 Operating expenses 61,000 Accumulated depreciation 62,000 Cash flow from investing activities 112,000 Notes payable (long term) 94,300 Prepaid rent 34,000 Salvage value of building 17,000 Land 91,000 Interest payable (short term) 7,000 Cash 42,400 Uncollectible accounts expense 41,000 Inventory 105,000 Supplies 6,100 Accounts payable 51,000 Equipment 173,700 Interest Expense 32,000 Interest revenue 5,800 Salaries payable 64,000 Sales revenue 932,000 Unearned revenue 43,000 Dividends 16,000 Cost of goods sold 591,000 Warranty expense 8,800 Accounts receivable 104,000 Interest receivable (short term) 3,200 Depreciation expense 2,600

Required

Prepare a multistep income statement for Eller Equipment Company for 2018.

Prepare a classified balance sheet for Eller Equipment Company for 2018.