Summarizing the Results of Financial Activities The accounting staff at Moonbeam Enterprises prepares monthly financial statements. At the end of April 2004 the company had the following account balances:
|
Land |
$45,000 |
|
Notes payable |
33,000 |
|
Merchandise inventory |
12,480 |
|
Buildings |
50,000 |
|
Cash |
10,360 |
|
Contributed capital |
38,770 |
|
Retained earnings, April 30 |
46,070 |
|
Cost of goods sold |
15,050 |
|
Sales revenue |
26,000 |
|
Supplies expense |
1,300 |
|
Income tax expense |
1,060 |
|
Wage expense |
1,500 |
|
Insurance expense |
550 |
|
Interest expense |
900 |
Required
Prepare an income statement and balance sheet in good form. For each statement, use a three line heading on the statement that includes (a) the name of the company, (b) the name of the statement, and (c) the appropriate time period or date.