Question
Prepare a multistep income statement for Chun Equipment Co. for 2018. Salaries expense$41,200 Interest receivable (short term)$2,100 Common stock 90,000 Beginning retained earnings 120,100 Notes
Prepare a multistep income statement for Chun Equipment Co. for 2018.
Salaries expense$41,200
Interest receivable (short term)$2,100
Common stock 90,000
Beginning retained earnings 120,100
Notes receivable (short term) 15,000
Operating expenses 45,000
Allowance for doubtful accounts 6,500
Cash flow from investing activities (91,600)
Accumulated depreciation 12,000
Prepaid rent 16,100
Notes payable (long term) 26,000
Land 35,000
Salvage value of equipment 6,000
Cash 26,700
Interest payable (short term) 1,900
Inventory 105,000
Uncollectible accounts expense 9,600
Accounts payable 48,000
Supplies 14,500
Interest expense 1,300
Office equipment 57,000
Salaries payable 14,500
Interest revenue 2,000
Unearned revenue 42,000
Sales revenue 340,000
Cost of goods sold 225,000
Dividends 10,000
Accounts receivable 92,000
Rent expense 7,500
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