Required

Use the following information to prepare a multistep 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 retalned 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

Dividends

Warranty expense

Interest receivable $($short term$)16,500$ Gain on sale of equipnent$18,000$ Operating expenses$50,000$ Cash flow from investing activities$144,90014,000$prepa$$d rentLand$5,600$ cash$29,900$ Inventory$4,$ see Accounts payable$212,6$eo Intepest expense$4,600$ Salan ies payable$9$o$8,$ goe unearned revenue$19,900$ cost of goods sold$7,600$ Accounts cecivas$1$e$2,$ g$00$ cepreciation expense$345,1004,90610,00049,900190,90022,90019,60035,660130,60039,00020,90052,00$ theta$31,900579,00092,$cos$1,40$ theta

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

Income

Statement

Balance Sheet

Prepare a classified Balance sheet for Ellen Equipment Company for Year $1.$

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