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The following information pertains to Eller Equipment Company for Year 1 . ( Hint: Some of the items will not appear on either statement, and

The following information pertains to Eller Equipment Company for Year 1.(Hint: Some of the items will not appear on either statement, and ending retained earnings must be calculated.)
Salaries expense $ 121,000 Beginning retained earnings $ 60,100
Common stock 109,000 Warranties payable (short term)6,400
Notes receivable (short term)31,500 Gain on sale of equipment 18,000
Allowance for doubtful accounts 18,000 Operating expenses 64,000
Accumulated depreciation 65,000 Cash flow from investing activities 115,000
Notes payable (long term)95,950 Prepaid rent 37,000
Salvage value of building 20,000 Land 94,000
Interest payable (short term)5,000 Cash 42,100
Uncollectible accounts expense 44,000 Inventory 100,000
Supplies 6,400 Accounts payable 54,000
Equipment 178,050 Interest Expense 35,000
Interest revenue 6,100 Salaries payable 67,000
Sales revenue 938,000 Unearned revenue 46,000
Dividends 19,000 Cost of goods sold 594,000
Warranty expense 9,100 Accounts receivable 107,000
Interest receivable (short term)3,500 Depreciation expense 2,900
Required
Prepare a multistep income statement for Eller Equipment Company for Year 1.
Prepare a classified balance sheet for Eller Equipment Company for Year 1.

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