Elaine, Inc. December 31, 2017 Adjusted Trial balance Debit Credit Cash 45,000 Accounts Receivable 38,900 Allowance for Doubtful Accounts 2,000 Short Term Note Receivable 50,000 Interest Receivable 1,350 Supplies 5,000 Prepaid Insurance 50,000 Inventory 6,500 Vehicle 16,000 Equipment 39,000 Accumulated Depreciation 15,000 Accounts Payable 20,000 Unearned Revenue 14,000 Wages Payable 2,000 Long-Term Notes Payable 50,000 Common Stock 110,000 Retained Earnings (1/1/2017) 2,500 Dividends 2,000 Sales 519,500 Sales Returns & Allowances 10,000 Sales Discounts 3,000 Cost of Goods Sold 55,500 Delivery Expense 5,000 Depreciation Expense 19,000 Bad Debt Expense 2,600 Rent Expense 100,000 Insurance Expense 25,000 Wages Expense 195,000 Supplies Expense 16,000 Interest Revenue 1,350 Loss on Disposal 7,000 Interest Expense 4,500 Income Tax Expense 40,000 Total 736,350 736,350 Part 2a: Prepare a Multi-step Income Statement (Be sure to include all the necessary headings, totals and subtotals as outlined in Chapter 5. You may not need to use all the lines provided. Note: The two columns below do not represent debit and credit balances like they do on a trial balance. On the Income Statement, use the right column for subtotals and totals.) Inc. Income Statement Year Ended Dec. 31, 2017 Part 2c: Prepare a Classified Balance Sheet (Be sure to include all the necessary subtotals and totals as outlined in Chapter 2. You may not need to use all of the lines provided. Note: The two columns below do not represent debit and credit balances like they do on a trial balance. On the Balance Sheet, use the right column for subtotals and totals.) Inc. Balance Sheet As of Dec. 31, 2017 +