Use the following information to prepare a multistep income statement and a balance sheet for Belmont Equipment Co. for 2013.
Salaries Expense ................ $ 78,000
Common Stock ................ 100,000
Notes Receivable (short term) ........... 24,000
Allowance for Doubtful Accounts .......... 6,600
Uncollectible Accounts Expense .......... 9,400
Supplies ................... 2,100
Interest Revenue ................. 5,400
Sales Revenue .................. 345,000
Dividends .................. 10,000
Interest Receivable (short term) ........... 1,200
Beginning Retained Earnings ............ 74,200
Operating Expenses .............. $ 62,000
Cash Flow from Investing Activities ......... 96,200
Prepaid Rent ................... 11,200
Land .................... 40,000
Cash ..................... 48,100
Inventory ................... 98,300
Accounts Payable ............... 52,000
Salaries Payable ................. 7,500
Cost of Goods Sold .............. 128,000
Accounts Receivable ............... 78,400