Use the following information to prepare a multi-step income statement and a balance sheet for Sherman Equipment Co, for Year 2 (Hind Some of the items will not appear on either statement, and ending retained earnings must be calculated.) (Balance Sheet only Items to be deducted must be indicated with a minus sign.) 100,000 Activities Salaries Expense 1$ 82,000 Operating Expenses Comnon Stock Cash Flow from Investing Notes Receivable (short term) 37,090 Prepaid Rent Allowance for Doubtful Accounts 9,109 Land Uncollectible Accounts Expense 9,400 Cash Supplies 2,500 Inventory Interest Revenue 6,700 Accounts Payable Sales Revenue 372,600 Salaries Payable Dividends 4,889 Cost of Goods Sold Interest Receivable (short term 2,800 Accounts Receivable Beginning Retained Earnings 87,500 $ 75, eee 91,480 13,898 53,000 49,488 99,609 59,000 25,000 161,800 69, eee SHERMAN EQUIPMENT CO. Income Statement For the Year Ending December 31. Yes 3 Operating Expense Total Operating EROS mester Review Assignment (Fall 2019) FISHERMAN EQUIPMENT CO. Balance Sheets As of December 31. Year 2 111111111 Liabilities and Stockholders' Equity Total Llabilities Total Stockholders Euty Ted Schoquy