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Please give me the correct, complete answers. Thank you. Required 1.Prepare a multistep income statement for Vernon Company for 2014. 2.Prepare a classified balance sheet
Please give me the correct, complete answers. Thank you.
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1.Prepare a multistep income statement for Vernon Company for 2014. 2.Prepare a classified balance sheet for Vernon Company for 2014. (Enter the assets in the order of their liquidity.)
Below information pertains to Vernon Company for the year 2014. (Hint Some of the items will not appear on either statement, and ending retained earnings must be calculated.) $ 56,000 Cash Operating expenses Land Accumulated depreciation Accounts payable Unearned revenue Warranties payable (short term) Equipment Notes payable (long term) Salvage value of equipment Dividends Warranty expense Beginning retained earnings Interest revenue Gain on sale of equipment Inventory Notes receivable (short term) $ 39,900 2,700 (107,000) 10,000 7,000 922,000 36,000 27,000 99,000 59,000 5,600 29,000 101,000 586,000 113,000 121,000 86,000 57,000 Cash flow from investing activities 46,000 38,000 Interest receivable (short term) Allowance for doubtful accounts Interest payable (short term) 5,600 Sales revenue 151,000 Interest expense 11,000 Salaries payable 107,000 Uncollectible accounts expense 12,000 Accounts receivable 8,300 Supplies 52,100 Prepaid rent 5,300 Common stock 10,000 Cost of goods sold 113,000 Salaries expense 23,500 Building
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