Use the following information to prepare a multistep income statement and a balance sheet for Daniels Company for 2006.

Transcribed Image Text:

Operating Expenses Accounts Payable $ 90,000 Allowance for Doubtful Accounts 7,000 60,000 Sales Revenue 400,000 Land 77,000 Uncollectible Accounts Expense 14,000 Dividends 12,000 Accounts Receivable 113,000 Beginning Retained Earnings 171,070 Salaries Payable 12,000 Interest Revenue 16,000 Supplies 3,000 Inventory 125,000 Prepaid Rent 14,000 Notes Receivable (short term) 17,000 Common Stock 52,000 Cash 73,000 Cost of Goods Sold 179,000 Interest Receivable (short term) 800 Salaries Expense 58,270 Cash Flow from Investing Activities 102,000 Unearned Revenue 58,000