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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.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91947236

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