(Learning Objective 4: Preparing the financial statements) Falcon Sporting Goods Company reported the following data at March 31, 20X4, with amounts in thousands:
|
Retained earnings, |
Cost of goods sold |
$126,000 |
|
|
March 31, 20X3 |
$ 1,300 |
Cash |
900 |
|
Accounts receivable |
27,700 |
Property and equipment, net |
7,200 |
|
Net revenue |
174,500 |
Common stock |
26,000 |
|
Total current liabilities |
53,600 |
Inventories |
33,000 |
|
All other expenses |
45,000 |
Long term liabilities |
13,500 |
|
Other current assets |
4,800 |
Dividends |
0 |
|
Other assets |
24,300 |
Use these data to prepare Falcon Sporting Goods Company’s income statement for the year ended March 31, 20X4; statement of retained earnings for the year ended March 31, 20X4; and classified balance sheet at March 31, 20X4. Use the report format for the balance sheet. Draw arrows linking the three statements.