Please do not give solution in image format thanku Use the following information to prepare a multistep income statement and a balance sheet for Sherman Equipment Company for year2. (Hint: Some of the items will not appear on either statement, and ending retained earnings must be calculated.)Salaries expenseCommon stockNotes receivable (short term)Allowance for doubtful accountsUncollectible accounts expenseSuppliesInterest revenueSales revenueDividendsInterest receivable (short term)Beginning retained earningsReq A1$79,000100,00034,000Reg A2AssetsOperating expensesCash Flow from investing activitiesPrepaid rentComplete this question by entering your answers in the tabs below.LandCash8,8009,1002,200Inventory6,400Accounts payable360,000 Salaries payableCost of goods sold4,5002,500Accounts receivable.86,000Prepare a balance sheet for Sherman Equipment Company for Year 2. (Enter amounts to be deducted with a minus sign.)SHERMAN EQUIPMENT COMPANYBalance SheetAs of December 31, Year 240< Prev3 of 4Next >$72,00088,40013,50050,00049,10099,30056,00022,000158,00066,000

Multi-Step income statement :Multi-Step income statement is a detailed income statement which…

Use the following information to prepare a multistep income statement and a balance sheet for Sherman Equipment Company for year 2. (Hint: Some of the items will not appear on either statement, and ending retained earnings must be calculated.) Salaries expense Common stock Notes receivable (short term) Allowance for doubtful accounts Uncollectible accounts expense Supplies Interest revenue Sales revenue Dividends Interest receivable (short term) Beginning retained earnings $79,000 100,000 34,000 8,800 Land 9,100 Cash 2,200 6,400 360,000 4,500 Operating expenses Cash Flow from investing activities: Prepaid rent 2,500 86,000 Inventory. Accounts payable. Salaries payable Cost of goods sold Accounts receivable) $72,000 88,400 13,500 50,000 49,100 99,300 56,000 22,000 158,000 66,000

Use the following information to prepare a multistep income statement and a balance sheet for Sherman Equipment Company for year 2. (Hint: Some of the items will not appear on either statement, and ending retained earnings must be calculated.) Salaries expense Common stock Notes receivable (short term) Allowance for doubtful accounts Uncollectible accounts expense Supplies Interest revenue Sales revenue Dividends Interest receivable (short term) Beginning retained earnings $79,000 100,000 34,000 8,800 Land 9,100 Cash 2,200 6,400 360,000 4,500 Operating expenses Cash Flow from investing activities: Prepaid rent 2,500 86,000 Inventory. Accounts payable. Salaries payable Cost of goods sold Accounts receivable) $72,000 88,400 13,500 50,000 49,100 99,300 56,000 22,000 158,000 66,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 9PB: Elegant Linens uses the balance sheet aging method to account for uncollectible debt on receivables....

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