Prepare an income statement and a retained earnings

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

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