Prepare a Multistep Income Statement

Page 2 Part 2 Instructions The balances listed below are for December 31 and already include the foumal entries you just prepared except for the stockholders' equity accounts. The balances listed for the stockholders' equity accounts are the January 1 balances. You will need to utilize the journal entries you just prepared to complete the Statement of Stockholders' Equity Prepare a multistep income statement, a statement of stockholders equity, and a classified balance sheet in good form for the year ended December 31, 20X1. Use the Student Input Form (Excel File) to complete the Financial Statements Credit Debit 30.000 19.000 1.000 5,000 500 2,000 300 200 1,500 30,500 15,000 5.990 2.000 10,000 500 22.805 0 0 11,000 Cash Accounts receivable Allowance for doubtful accounts Equity Investments at cost Valuation allowance for Equity Investments Merchandise inventory at lower of cost (FIFO) or market Prepaid expenses Interest receivable Investment in Masco Company stock Store buildings and equipment Accumulated depreciation-store buildings and equipment Accounts payable Income tax payable Bonds payable, 10%, due in 10 years Premium on bonds payablo Retained earnings, January 1, 20X1 Cash dividends. January 1, 20X1 balance Stock Dividends, January 1, 20X1 balance Common stock, $10 par (100,000 shares authorized: 1100 shares outstanding), January 1, 20X1 Paid-in capital in excess of par--common stock, January 1, 20X1 Paid-in capital from sale of treasury stock. January 1, 20X1 Treasury stock, January 1, 20X1 Sales Gain from sale of investment Unrealized gain(loss) on Equity Investments Dividend revenue Interest revenue Income of Masco Company Cost of goods sold Advertising expense Depreciation expenso-store buildings and equipment Miscellaneous selling expenses Sales commissions Office rent expense Office salarios expense Miscellaneous administrative expenses Interest expense Income tax expense 1.100 0 0 70,000 100 960 80 270 2.000 40.000 $1,000 700 500 2,000 5.000 6.000 100 500 4,000