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Prepare an income statement and a retained earnings

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Reference no: EM13508876

Prepare financial statements. (LO 1,3), AP You are provided with the following information for Ramirez Enterprises, effective as of its April 30, 2014, year-end.


Accounts payable $? 834
Accounts receivable 810
Accumulated depreciation"equipment 670
Cash 1,270
Common stock 900
Cost of goods sold 1,060
Depreciation expense 335
Dividends 325
Equipment 2,420
Income tax expense 165
Income taxes payable 135
Insurance expense 210
Interest expense 400
Inventory 967
Land 3,100
Mortgage payable 3,500
Notes payable 61
Prepaid insurance $?? 60
Retained earnings (beginning) 1,600
Salaries and wages expense 700
Salaries and wages payable 222
Sales revenue 5,100
Stock investments (short-term) 1,200


(a) Prepare an income statement and a retained earnings statement for Ramirez Enterprises for the year ended April 30, 2014.

Net income $2,230

(b) Prepare a classified balance sheet for Ramirez Enterprises as of April 30, 2014.

Tot. current assets $4,307

Tot. assets $9,157

Reference no: EM13508876

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