Homework answers / question archive / Creating Balance Sheets and Income Statements Using the information in the below table, prepare a classified balance sheet for Erie Company as of December 31, 2019 and December 31, 2020, along with multi-step income statements for the year then ended

Creating Balance Sheets and Income Statements Using the information in the below table, prepare a classified balance sheet for Erie Company as of December 31, 2019 and December 31, 2020, along with multi-step income statements for the year then ended

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Creating Balance Sheets and Income Statements Using the information in the below table, prepare a classified balance sheet for Erie Company as of December 31, 2019 and December 31, 2020, along with multi-step income statements for the year then ended. Account December 31, 2019 December 31, 2020 $650 $835 490 690 Property, plant, and equipment (net) Long-term debt Depreciation expense Retained earnings 50 60 130 295 Sales revenue 1,000 1,500 Income taxes 50 70 50 70 Current portion of long-term debt Total current liabilities 130 160 125 300 600 900 Inventory Cost of goods sold Cash Selling, general, and administrative expenses Other current assets 100 40 175 290 40 40 Accounts receivable 135 230 Interest expense 25 50 Dividends 20 25 Accounts payable 80 90 Common stock 300 300
Arrow Company Balance Sheet As of December 31, 2020 2020 2019 Cash $ 0 $ 0 Accounts Receivable 0 0 0 0 Other current assets 0 0 Total current assets 0 0 0 0 $ 0 $ 0 Total assets Accounts payable $ 0 $ 0 0 Total current liabilities Oool 0 0 Total liabilities 0 0 0 0 0 0 Retained earnings Total equity Total liabilities and equity 0 0 $ 0 $ 0 Arrow Company Income Statement For the year ended December 31, 2020 2020 2019 $ 0 $ 0 0 0 Cost of goods sold Gross profit Selling, general, & administrative expenses 0 0 0 0 0 ?????? 0 Pretax income 0 0 0 0 Please answer all parts of the question.