The following list includes all of the account balances from Blue and White Company's general ledger on December 31, 2020, after all the adjusting entries have been posted. The accounts are listed in alphabetical order, and all accounts have a normal balance. This was Blue and White Company's first year in business.

Instructions: Using the information provided above, prepare a multiple-step income statement, statement of owner's equity, and classified balance sheet for Blue and White Company for the fiscal year ending December 31, 2020. Enter your answer in the space provided below on Connect. The accounts in your financial statements should be in the proper format, but you do not need to align amounts in neat columns. DO NOT ABBREVIATE ACCOUNT TITLES.

Accounts payable	$38,247
Accounts receivable	34,521
Accumulated depreciation-machinery	18,500
Allowance for doubtful accounts	2,105
Cash	20,654
Cost of goods sold	354,321
General and administrative expenses	44,987
Interest expense	6,870
Machinery	185,000
Merchandise inventory	40,305
Notes payable (due June 30, 2025)	110,000
Office supplies	357
Prepaid rent	564
S. Jones, Capital	35,479
S. Jones, Withdrawals	24,000
Sales	531,400
Sales returns and allowances	6,800
Sales tax payable	589
Selling expenses	18,905
Unearned revenue	964

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