answer a and b 453139
Aug 29, 2021 | Uncategorized
| P2 3A |
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 |
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Instructions
| (a) |
Prepare an income statement and a retained earnings statement for Ramirez Enterprises for the year ended April 30, 2014.
|
| (b) |
Prepare a classified balance sheet for Ramirez Enterprises as of April 30, 2014.
| Tot. current assets |
$4,307 |
| Tot. assets |
$9,157 |
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