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Financial Statements
Steven Company has provided the following information for the most recent quarter, January 1 through March 31 of 2020. Prepare a multiple-step Income Statement and the Asset section of a classified
Specific Account |
Balance |
Specific Account |
Balance |
Accounts Payable |
45 |
Interest Revenue |
26 |
|
204 |
Interest Payable |
6 |
|
45 |
Inventory |
112 |
Accumulated Depreciation (Equipment) |
11 |
Land |
218 |
Allowance for Doubtful Accounts |
22 |
Loss on Sale of PPE |
14 |
|
18 |
Notes Payable (maturity of less than 1 yr) |
60 |
Bank Fees Expense |
2 |
Notes Payable (maturity of more than 1 yr) |
83 |
Buildings |
255 |
|
180 |
Cash |
188 |
Salaries Expense |
25 |
Common Stock |
306 |
Salaries Payable |
47 |
Cost of Goods Sold |
560 |
Sales Discounts |
8 |
Depreciation Expense |
20 |
Sales Returns & Allowances |
23 |
Dividends |
48 |
Sales Revenue |
1,125 |
Equipment |
135 |
Supplies |
9 |
Freight-Out |
7 |
Supplies Expense |
15 |
Income Tax Expense |
138 |
Unearned Sales Revenue |
41 |
Insurance Payable |
2 |
|
|
Prepare, in good form, the multiple-step Income Statement for Steven Company for the most recent quarter, January 1 through March 31, 2020. (You can receive partial credit)
|
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