Use the following information to prepare a multistep income statement and a classified balance sheet for Eller Equipment Company for 2018.

Transcribed Image Text:

72,000 Beginning retained earnings 50,000 Warranties payable (short term) 10,000 Gain on sale of equipment 6,500 Operating expenses 42,300 Cash flow from investing activities 80,000 Prepaid rent Salaries expense Common stock Notes receivable (short term) Allowance for doubtful accounts Accumulated depreciation Notes payable (long term) Salvage value of building Interest payable (short term) Uncollectible accounts expense Supplies Equipment Interest revenue Sales revenue Dividends Warranty expense Interest receivable (short term) $134,150 2,500 8,500 96,000 125,000 14,000 70,000 26,300 110,500 32,000 8,600 5,200 26,300 310,000 56,000 1,000 6,000 Land 1,500 Cash 7,150 Inventory 1,800 Accounts payable 97,500 nterest Expense 3,600 Salaries payable 510,000 Unearned revenue 11,500 Cost of goods sold 9,600 Accounts receivable 600 Depreciation expense