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Prepare an income statement for blue spruce corp

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Reference no: EM131209211

Accounting assignment 1

You are provided with the following information for Blue Spruce Corp., effective as of its April 30, 2017, year-end.

Accounts payable $ 859
Accounts receivable 1,010
Accumulated depreciation-equipment 670
Cash 1,470
Common stock 1,500
Cost of goods sold 1,085
Depreciation expense 310
Dividends 350
Equipment 2,620
Income tax expense 190
Income taxes payable 160
Insurance expense 235
Interest expense 425
Inventory 1,167
Land 3,300
Mortgage payable 3,700
Notes payable 261
Prepaid insurance 85
Retained earnings (beginning) 1,600
Salaries and wages expense 675
Salaries and wages payable 247
Sales revenue 5,300
Stock investments (short-term) 1,375

1. Prepare an income statement for Blue Spruce Corp. for the year ended April 30, 2017.

2. Prepare a retained earnings statement for Blue Spruce Corp. for the year ended April 30, 2017.

3. Prepare a classified balance sheet for Blue Spruce Corp. as of April 30, 2017.

Reference no: EM131209211

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