Required

Use the following information to prepare a muitistep Income statement and a classified balance sheet for Eller Equipment Company for Year $1.($Hint: Some of the Items will not appear on elther statement, and ending retained earnings must be calculated.$)$

Salaries expense

Common stock

Notes receivable $($short term$)$

Allowance for doubtful accounts

Accumulated depreciation

Notes payable $($long term$)$

Salvage value of building

Interest payable $($short term$)$

Uncollectible accounts expense

Supplies

Equipment

Interest revenue

sales revenue

oividends

Warranty expense

Interest receivable $($short term$)16,$ s$00$ Gain on sale of equipment$18,000$ operating expenses$50,000$ cash f$1$ow from investing activities$144,900$ prepaid rent$14,900$ Land$5,000$ cash$29,000$ Inventory$4,9$ee Accounts payable$212,600$ Interest expense$4,600$ Salamies yayable$908,$ eoe unearned cevenue$19,090$ cost of goods so$1$d$7,600$ Accounts neceivable$2,900$ oepreciation expense$$45,1004,90016,60049,000100,60022,00079,90035,600130,90039,00020,00052,00031,000579,60092,0001,4$o$+$Theta

Complete this question by entering your answers in the tabs below.

Income

Statement

Balance Sheet

Prepare a multistep income statement for Eller Equipment Company for Year $1.$

Note: Amounts to be deducted should be indicated with a minus sign.