The following review problem will give you the opportunity to apply what you have learned by preparing both an income statement and a balance sheet. The following items, listed in alphabetical order,...

The following review problem will give you the opportunity to apply what you have learned by preparing both an income statement and a balance sheet.

The following items, listed in alphabetical order, are taken from the records of Grizzly Inc., a chain of outdoor recreational stores in the Northwest. Use the items to prepare two statements. First, prepare an income statement for the year ended December 31, 2014. The income statement should be in multiple-step form. Second, prepare a classified balance sheet at December 31, 2014. All amounts are in thousands of dollars.