Use the amounts below to prepare (1) Multi Step Income Statement, (2) Statement of Retained Earnings & (3) Classified Balance Sheet ( 50 points ):
Stockton Company
For the Year Ending December 31, 2020
able[[Cash,2,030],[Accounts Receivable,1,100],[Inventory,1,400],[Prepaid Insurance,700],[Short term Notes Receivable,500],[Long term Notes Receivable,100],[Investments (held thru 2025),2,000],[Land (not used in operations),5,000],[Equipment,1,700],[Accumulated Depreciation,600],[Patents,1,900],[Accounts Payable,16,600],[Notes Payable - Long Term,1,940],[Common Stock,5,790],[Retained Earnings (12/31/19),15,000],[Dividends,1,500],[Gross Sales Revenue,2,000],[Sales Discounts,1,750],[Sales Returns & Allowances,500],[Cost of Goods Sold,1,960],[Wages Expense,775],[Rent Expense,250],[Utilities Expense,85],[Depreciation Expense,1,900],[Miscellaneous Expense,1,00]]
2 Use the amounts below to prepare1) Multi Step Income Statement2 Statement of Retained Earnings &3Classified Balance Sheet 50 points ): Stockton Company For the Year Ending December 31, 2020 Cash 2,030 Accounts Receivable 1,100 Inventory 1,400 Prepaid Insurance 100 Short term Notes Receivable 500 Long term Notes Receivable 100 Investments (held thru 2025) 2,000 Land (not used in operations) 5,000 Equipment 13,700 Accumulated Depreciation 1,100 Patents 600 Accounts Payable 5,900 Notes Payable-Long Term 1,200 Common Stock 16,600 Retained Earnings (12/31/19) 1,940 Dividends 5,790 Gross Sales Revenue 15,000 Sales Discounts 1,500 Sales Returns &Allowances 2,000 Cost of Goods Sold 1,750 Wages Expense 500 1,960 Rent Expense Utilities Expense 775 Depreciation Expense 250 Miscellaneous Expense 85