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Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Allied Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of Allied (seller) products. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 3,600 units at a price of $10 cash per unit (for a total cost of $30,000 ). May 5 Allied sold 1,500 of the units in inventory for $14 per unit (invoice total: $21,000 ) to Macy Company under credit terms 2/10,n/60. The goods cost Allied $15,000. May 7 Macy returns 150 units because they did not fit the customer's needs (invoice amount: $2,100 ). Allied restores the units, which cost $1,500, to its inventory. May 8 Macy discovers that 150 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $900 to compensate for the damage. May 15 Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount. Prepare a multiple-step income statement. Selling expenses Clear Water Company reports the following balance sheet accounts as of December 31. Prepare a classified balance sheet. \begin{tabular}{|l|l|l|} \hline Total current assets & & \\ \hline Plant assets & & \\ \hline & & \\ \hline Total plant assets & & \\ \hline Total assets & & \\ \hline & & \\ \hline Current liabilities & & \\ \hline & & \\ \hline Total liabilities and equity & & \\ \hline \end{tabular} Required information Use the following information for the Quick Studies below. [The following information applies to the questions displayed below.] The following are the sales transactions of EcoMart Merchandising. EcoMart uses a perpetual inventory system and the gross method. October 1 Sotd merchandise for $2,300, with credit terms n/30, invoice dated october 1. The cost of the merchandise is $1,300. 0ctober 6 The customer in the october 1 sale returned $230 of merchandise for fult credit. The merchandise, which had cost $130, is returned to inventory. October 9 Sold merchandise for $1,10e cash. Cost of the merchandise is $776. October 30 Received payment for the amount due from the 0ctober 1 sale less the return on october 6. 1 Required information