Financial statements

Greg Company has provided the following information for the second quarter of the calendar year 2021 (April 1 June 30). Prepare a multiple-step Income Statement and the Asset section of a classified Balance Sheet, including the correct headings.

Specific Account	Balance	Specific Account	Balance
Accounts Payable	6,000	Freight-Out	375
Accounts Receivable	6,750	Gain on Sale of PPE	75
Accumulated Depreciation (Buildings)	1,250	Income Tax Expense	1,005
Accumulated Depreciation (Equipment)	1,400	Interest Expense	100
Advertising Expense	850	Inventory	2550
Allowance for Doubtful Accounts	60	Land	2,250
Bad Debt Expense	50	Notes Payable (due December 31, 2021)	3,750
Bank Service Charge Expense	25	Prepaid Advertising	1,500
Bonds Payable (due September 30, 2025)	10,000	Retained Earnings (March 31, 2021)	8,000
Buildings	10,000	Sales Discounts	750
Cash	11,700	Sales Returns & Allowances	225
Common Stock	8,000	Sales Revenue	12,250
Cost of Goods Sold	5,075	Unearned Revenue	290
Depreciation Expense	775	Utilities Expense	750
Dividends	95	Utilities Payable	750
Equipment	7,000

Prepare, in good form, the multiple-step Income Statement for Greg Company for the second quarter of the calendar year 2021 (April 1 June 30).

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