mapter 7- Homework i Use the following information to prepare a multistep income statement and a balance sheet for Sherman Equipment Company for Year 2. (Hint. Some of the items will not appear on either statement, and ending retained earnings must be calculated.) Book Print References 59F Salaries expense Common stock Notes receivable (short term) Allowance for doubtful accounts Uncollectible accounts expense Supplies Interest revenue Sales revenue Mc Graw Hill Dividends Interest receivable (short term) Beginning retained earnings Req A1 Req A2 Income Statement For the Year Ending December 31, Year 2 Complete this question by entering your answers in the tabs below. Common stock Interest revenue Gross margin Operating Expenses $69,000 100,000 Total Operating Expenses 24,000 7,800 8,100 1,200 5,400 320,000 3,500 1,500 81,000 H Prepare a multistep income statement for Sherman Equipment Company for Year 2. SHERMAN EQUIPMENT COMPANY $ 100,000 5,400 94,600 Operating expenses Cash Flow from investing activities Prepaid rent Land Cash Search Saved Inventory Accounts payable Salaries payable Cost of goods sold Accounts receivable < Prev 4 of 4 # I Next > C C $62,000 78,400 12,500 40,000 48,100 98,300 46,000 12,000 148,000 56,000 < 0