The following is a partial list of account balances for Fisherman's Supply at December 31,...
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Accounting
The following is a partial list of account balances for Fisherman's Supply at December 31, Year 1.
| Cash | $96,950 |
|---|---|
| Accounts receivable | 34,300 |
| Inventory | 206,950 |
| Supplies | 7,400 |
| Land | 144,300 |
| Accounts payable | 53,200 |
| Common stock | 319,000 |
| Retained earnings | 101,050 |
| Sales | 499,850 |
| Cost of goods sold | 403,050 |
| Salaries expense | 40,050 |
| Utilities expense | 11,400 |
| Other operating expense | 39,500 |
| Gain on sale of land | 10,800 |
Required:
a) Prepare a multistep income statement.
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