$ 54,000 Cash Operating expenses Land Accumulated depreciation Accounts payable

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$ 54,000 Cash Operating expenses Land Accumulated depreciation Accounts payable Unearned revenue Warranties payable (short term) Equipment Notes payable (long term) Salvage value of equipment Dividends Warranty expense Beginning retained earnings Interest revenue Gain on sale of equipment Inventory Notes receivable (short term) $ 49,100 2,500 55,000 Cash flow from investing activities 105,000) 23,000 5,000 918,000 34,000 25,000 97,000 57,000 5,400 27,000 99,000 584,000 111,000 119,000 84,000 Interest receivable (short term) 44,000 36,000 5,400 105,000 149,000 Allowance for doubtful accounts Interest payable (short term) Sales revenue Uncollectible accounts expense Interest expense 10,000 Accounts receivable 24,000 Salaries pay able 8,100 Supplies 50,100 Prepaid rent 5,100 Common stock 15,000 Cost of goods sold 111,000 Salaries expense 21,500 Building Required Prepare a multistep income statement for Vernon Company for 2014 VERNON COMPANY Multistep Income Statement For the Year Ended December 31, 2014 ales revenue Cost of goods sold Gross margin Operating expenses $ 918,000 584,000 334,000 Salaries expense Warranty expense Other operating expenses Uncollectible accounts expense $ 111,000 8,100 54,000 34,000 Total operating expenses Operating income Non-operating Items 207,100 126,900 Interest expense Gain on sale of equipment 25,000 15,000 Total non-operating items (10,000) et income

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Multistep Income Statement Sales Revenue $ 918,000 Cost of Goods Sold $ 584,000 Gross Margin $ 334,000 Operating Expenses Salaries Expenses $     111,000 Warranty Expenses $          8,100 Interest Expenses $        25,000 Other Operating Expenses $        54,000 Uncollectible account Expense $        34,000 Total Opearting Expenses $ 232,100 Opearting Income $ 101,900 Non-Operating Items: Interest Revenue $          5,100 Gain on Sale of equipment $        15,000 Total Non-Operating Items $    20,100 Net Income $ 122,000

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