Use the following information to prepare a multistep Income Statement and a classified Balance Sheet for Eller Equipment Co. for Year 2. (Hint: Some of the items will not appear on either statement, and Ending Retained Earnings must be calculated.) Salaries Expense $72.000 Beginning Retained Earnings Common Stock 50,000 Fair Market Value of Land Notes Receivable (short term) 10,000 Gain on a Sale of Equipment Allowance for Doubtful Accounts 6,500 Operating Expenses Accumulated Depreciation 42.300 Cash Flow from Investing Activities Notes Payable (long term) 80,000 Prepaid Rent Salvage Value of Equipment 6,000 Land Interest Payable (short term) 1,500 Cash Uncollectible Accounts Expense 7.150 Inventory Supplies 1.800 Accounts Payable Equipment 97,500 Interest Expense Interest Revenue 3.600 Salaries Payable Sales Revenue 510.000 Unearned Revenue Dividends 11.500 Cost of Goods Sold Warranty Expense 9.600 Accounts Receivable 1,500 Cash Interest Payable (short term) 7.150 Inventory Uncollectible Accounts Expense 1,800 Accounts Payable Supplies 97,500 Interest Expense Equipment 3,600 Interest Revenue Salaries Payable Sales Revenue 510,000 Unearned Revenue Dividends 11,500 Cost of Goods Sold Warranty Expense 9,600 Accounts Receivable Interest Receivable (short term) 600 Depreciation Expense Which one of the following does not appear on the Income Statement or the Balance Sheet? O Fair Market Value of Land None of these appear on the Income Statement or the Balance Sheet. Cash Flow from Investing Activities O Salvage Value of Equipment 1 pts Question 2 Which one of the following items is not included in the Non-Operating Items section of the Income Statement? O Gain on Sale of Equipment Interest Expense Uncollectible Accounts Expense Interest Revenue Question 3 1 pts What is Eller's Operating Income? Do not enter dollar signs or commas in your answers. Question 4 1 pts What is Eller's Net Income? Question 5 1 pts What is the value of Eller's Current Assets? 1 pts Question 5 What is the value of Eller's Current Assets? Question 6 1 pts What is the value of Eller's Non-current Assets? Question 7 1 pts What is the value of Eller's Current Liabilities? Question 8 1 pts What is the value of Eller's ending Retained Earnings? Use the following information to prepare a multistep Income Statement and a classified Balance Sheet for Eller Equipment Co. for Year 2. (Hint: Some of the items will not appear on either statement, and Ending Retained Earnings must be calculated.) Salaries Expense $72.000 Beginning Retained Earnings Common Stock 50,000 Fair Market Value of Land Notes Receivable (short term) 10,000 Gain on a Sale of Equipment Allowance for Doubtful Accounts 6,500 Operating Expenses Accumulated Depreciation 42.300 Cash Flow from Investing Activities Notes Payable (long term) 80,000 Prepaid Rent Salvage Value of Equipment 6,000 Land Interest Payable (short term) 1,500 Cash Uncollectible Accounts Expense 7.150 Inventory Supplies 1.800 Accounts Payable Equipment 97,500 Interest Expense Interest Revenue 3.600 Salaries Payable Sales Revenue 510.000 Unearned Revenue Dividends 11.500 Cost of Goods Sold Warranty Expense 9.600 Accounts Receivable 1,500 Cash Interest Payable (short term) 7.150 Inventory Uncollectible Accounts Expense 1,800 Accounts Payable Supplies 97,500 Interest Expense Equipment 3,600 Interest Revenue Salaries Payable Sales Revenue 510,000 Unearned Revenue Dividends 11,500 Cost of Goods Sold Warranty Expense 9,600 Accounts Receivable Interest Receivable (short term) 600 Depreciation Expense Which one of the following does not appear on the Income Statement or the Balance Sheet? O Fair Market Value of Land None of these appear on the Income Statement or the Balance Sheet. Cash Flow from Investing Activities O Salvage Value of Equipment 1 pts Question 2 Which one of the following items is not included in the Non-Operating Items section of the Income Statement? O Gain on Sale of Equipment Interest Expense Uncollectible Accounts Expense Interest Revenue Question 3 1 pts What is Eller's Operating Income? Do not enter dollar signs or commas in your answers. Question 4 1 pts What is Eller's Net Income? Question 5 1 pts What is the value of Eller's Current Assets? 1 pts Question 5 What is the value of Eller's Current Assets? Question 6 1 pts What is the value of Eller's Non-current Assets? Question 7 1 pts What is the value of Eller's Current Liabilities? Question 8 1 pts What is the value of Eller's ending Retained Earnings
