Question
The following items are taken from the financial statements of Grove Company for 2017: Accounts payable $18,500 Accounts receivable 8,000 Accumulated depreciation-equipment 4,800 Bonds payable
The following items are taken from the financial statements of Grove Company for 2017:
Accounts payable $18,500
Accounts receivable 8,000
Accumulated depreciation-equipment 4,800
Bonds payable 18,000
Cash 24,000
Common stock 25,000
Cost of goods sold 27,000
Depreciation expense 4,800
Dividends 5,300
Equipment 44,000
Interest expense 2,500
Patents 7,500
Retained earnings, January 1 16,000
Salaries and wages expense 5,200
Sales revenue 50,500
Supplies 4,500
Instructions
(a) Prepare an Income Statement and a "classified" Balance Sheet for Grove Company.
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