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Category > Accounting Posted 07 Jun 2017 My Price 3.00

Multi-Step Income Statement and Classified Balance Sheet

Multi-Step Income Statement and Classified Balance Sheet

The following items were taken from the financial statements of Wilson Inc. for 2010:

 

Accounts payable

15,780

Accounts receivable

8,470

Accumulated depreciation

23,000

Cash

16,080

Common stock

15,400

Cost of sales

41,250

Depreciation expense

5,000

Dividends

2,310

Equipment

68,420

Income tax expense

3,260

Insurance expense

4,680

Long-term liabilities

9,920

Prepaid insurance

5,970

Repair expense

4,200

Retained earnings, Jan. 1

28,450

Salaries expense

12,420

Salaries payable

5,210

Sales revenue

78,420

Utilities expense

4,180

 

Required

Prepare a multi-step income statement for 2010 and a classified balance sheet at December 31, 2010. Hint: You must calculate ending retained earnings.

Answers

Alpha Geek
(8)
Status NEW Posted 07 Jun 2017 07:06 AM My Price 3.00

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file 1496819227-Answer.docx preview (79 words )
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