Prepare an income statement and a retained earnings

Assignment Help Accounting Basics

Reference no: EM13392485

You're provided with the following information for Milner Corporation, effective as of its April 30, 2010, year-end.

Accounts payable ------------------- $ 2,400

Accounts receivable ----------------- 9,150

Accumulated depreciation-equipment ----------6,600

Depreciation expense ---------------- 2,200

Cash ------------------------------------- 21,955

Common stock ................................... 20,000

Dividends .......................................... 2,800

Equipment ........................................ 25,050

Sales revenue ..................................... 21,450

Income tax expense ................................ 1,100

Income taxes payable ................................ 300

Interest expense ...................................... 350

Interest payable ...................................... 175

Notes payable (due in 2016) ..................... 5,700

Prepaid rent .......................................... 380

Rent expense ........................................ 760

Retained earnings, beginning .................. 13,960

Salaries and wages expense ...................... 6,840

Required:

A. Prepare an income statement and a retained earnings statement for Milner Corporation for the year ended April 30, 2010.

B. Prepare a classified balance sheet for Rapp as of April 30, 2010.

C. Explain how each financial statement interrelates with the others.

Reference no: EM13392485

Questions Cloud

What type of control focuses on measuring a companyrsquos : 1.what can enhance the value of web-based shopping experiences to serve as personal shopping assistants or web-site

A mortgage incurred in exchange for an office building : a mortgage incurred in exchange for an office building would be reported in the statement of cash flows in a. the cash

Explain the following basic options strategiesbuy stock : explain the following basic options strategiesbuy stock versus sell stock shortbuy a call versus writing a callbuy a

Include the discussion of money multiplier effect in the : this release also states that the federal reserve is in the process of purchasing 1.25 trillion of agency

Prepare an income statement and a retained earnings : youre provided with the following information for milner corporation effective as of its april 30 2010 year-end.

What is meant by inflation write down the causes of : what is meant by inflation? write down the causes of inflation? is inflation desirable and what can be done to control

How successful a company is at exploiting emerging : how successful a company is at exploiting emerging opportunities and dealing with associated threats depends on

Senior leaders should understand how to motivate employees : senior leaders must understand how to motivate employees in a variety of ways. research major motivational theories and

Explain how to use a multiple linear regression model to : explain how to use a multiple linear regression model to estimate future sales. explain how the various independent

User Account

All Pages