mutistep income statement and balance sheet

Tuulelll LIA Multiblep income statement and balance sheet LO 7-1. 7-5 Use the following information to prepare a multi-step income statement and a balance sheet for Sherman Equipment Co. for Year 2 (Hint Some of the items will not appear on either statement, and ending retained earnings must be calculated.) (Balance Sheet only: Items to be deducted must be indicated with a minus sign.) Salaries Expense Common Stock Notes Receivable (short term) Allowance for Doubtful Accounts Uncollectible Accounts Expense Supplies Interest Revenue Sales Revenue Dividends Interest Receivable (short term) Beginning Retained Earnings $ 83,000 Operating Expenses 100,000 Cash Flow from Investing Activities 38,000 Prepaid Rent 9,200 Land 9.500 Cash 2,600 Inventory 6,800 Accounts Payable 376,000 Salaries Payable 4,900 Cost of Goods Sold 2,900 Accounts Receivable 88,000 $ 76,000 92,499 13,900 54,000 49,500 99,700 60,000 26,000 162,000 70,000 SHERMAN EQUIPMENT CO. Income Statement For the Year Ending December 31, Year 2 Sales revenue $ 376,000 Cost of goods sold 162.000 Gross profit 214.000 Operating Expenses Uncollectible accounts expense 214.000 Operating income Non-Operating Items Interest revenue Net income S214.000