prepare financial statements 460263

You are provided with the following information for Merrell Enterprises, effective as of its April 30, 2012, 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

Sales revenue 5,100

Short-term investments 1,200

Salaries and wages expense 700

Salaries and wages payable 222

Instructions

(a) Prepare an income statement and a retained earnings statement for Merrell Enterprises for the year ended April 30, 2012.

Net income $2,230

Tot. current assets $4,307

Tot. assets $9,157

(b) Prepare a classified balance sheet for Merrell Enterprises as of April 30, 2012.