Use the following information to prepare a multistep income statement and a classified balance sheet for Douglas Company for 2004.

Transcribed Image Text:

Operating Expenses $ 90,000 Cash $ 23,000 Land 50,000 Interest Receivable (short term) 800 Accumulated Depreciation 38,000 Cash Flow from Investing Activities 102,000 Accounts Payable 60,000 Allowance for Doubtful Accounts 7,000 Unearned Revenue 58,000 Interest Payable (short term) 3,000 Warranties Payable (short term) 2,000 Sales Revenue 500,000 Equipment 77,000 Uncollectible Accounts Expense 14,000 Notes Payable (long term) 129,000 Interest Expense 32,000 Salvage Value of Equipment 7,000 Accounts Receivable 113,000 Dividends 12,000 Salaries Payable 12,000 Warranty Expense 5,000 Supplies 3,000 Beginning Retained Earnings 28,800 Prepaid Rent 14,000 Interest Revenue 6,000 Common Stock 52,000 Gain on Sale of Equipment 10,000 Cost of Goods Sold 179,000 Inventory 154,000 Salaries Expense 122,000 Notes Receivable (short term) 17,000