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Preparation of income statement and classified balance sheet.
Preparing Financial Statements
The following account balances are provided for Rustic Company at December 31, 2007. Revenue and expenses accounts cover the fiscal year ending on that date. All numbers are dollars except shares outstanding.
Account
Amount
Accounts payable
$14,000
Accounts receivable
18,000
Accumulated depreciation
30,000
Cash
6,000
Common stock, par value
20,000
Cost of goods sold
35,000
Current portion of long-term debt
2,000
Income taxes
Interest expense
4,000
Interest payable
500
Inventory
34,000
Long-term debt
40,000
Net income
12,000
Paid-in capital in excess of par
Patents and trademarks
Prepaid insurance
2,500
Property, plant and equipment, cost
150,000
Retained earnings
78,000
Sales revenues
110,000
Selling, general, and administrative expenses
65,000
Service revenues
Supplies
3,000
Wages pyable
Shares outstanding
A. Prepare an income statement in good form for Rustic Company. B. Prepare a classified balance sheet.
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