Details

Prepare multiple-step income statement, retained earnings statement and classified balance sheet using the information below. Note: all items must be used, and only once.

Cost of Goods Sold	10,000		RE-Beginning	19,920		Cash	1,400
ST Investments	200		A/R	1,800		Div	600
Unearned Revenue	900		A/P	2,000		Patents	300
Building Rental Exp	900		Service Rev	17,000		Int /P	100
Accum. Deprn	2,500		Supplies	4,000		Int Exp	100
Prepaid Ins.	2,300		Goodwill	2,020		LT Debt	10,000
Investment in XYZ Co.	5,300		Inventory	500		Equip	16,000
Investment in Real Estate	2,000		Land	2,000		N/P due in 3 years	5,000
Deferred Income Tax	300		Salaries/P	300		Rent Rev	1,000
Insurance Exp	500		N/R	1,000		Supplies Exp	200
Deprn Exp	500		C.S.	10,000
Income Tax Exp.	200		Building	20,000
Current Maturities of Long-term Debt			3,000
Other Selling, General, and Admin Exp(including Salaries Exp, Repair Exp, Utility Exp)							200