The following account balances are extracted from the Luongo & Schmidt Company on October 31, 2021. Based on the above balances, prepare a multiple-step income statement, a retained earnings statement, and a classified balance sheet. You may use GAAP or IFRS.

Amount(s) Account Title 25200 Notes Payable 30500 Prepaid Insurance 33000 Property Tax Expense Amount(S) 37000 4500 3200 Account Title Accounts Payable Accounts Receivable Accumulated Depreciation- Equipment Cash Cost of Goods Sold Depreciation Expense Dividends Equipment Freight-out Insurance Expense 21000 507000 11000 8000 154300 6500 6000 Property Taxes Payable Rent Expense Retained Earnings Salaries Expense Sales Commission Expense Sales Commission Payable Sales Returns and Allowances Sales Revenue Share Capital-Ordinary Utilities Expense 3200 15000 61700 96000 13500 7000 9000 Interest Expense Interest Revenue Inventory 6100 8000 26000 706000 45000 8500 Note: Notes payable are due in 2022