Answered

At Westonci.ca, we connect you with experts who provide detailed answers to your most pressing questions. Start exploring now! Discover the answers you need from a community of experts ready to help you with their knowledge and experience in various fields. Our platform provides a seamless experience for finding reliable answers from a network of experienced professionals.

You are provided with the following information for Sandhill Co., effective as of its April 30, 2022, year-end.
Accounts payable $ 848
Accounts receivable 900
Accumulated depreciation—equipment 630
Cash 1,360
Common stock 16,300
Cost of goods sold 1,000
Depreciation expense 315
Dividends 310
Equipment 2,500
Goodwill 1,900
Income tax expense 175
Income taxes payable 135
Insurance expense 360
Interest expense 460
Inventory 950
Investment in land 15,000
Land 3,200
Mortgage payable (long-term) 4,500
Notes payable (short-term) 62
Prepaid insurance 70
Retained earnings (beginning) 1,700
Salaries and wages expense 850
Salaries and wages payable 275
Sales revenue 6,200
Stock investments (short-term) 1,300
Prepare an income statement for Sandhill Co. for the year ended April 30, 2022.
Prepare a retained earnings statement for Sandhill Co. for the year ended April 30, 2022. (List items that increase retained earnings first.)

Sagot :

Tundexi

Answer:

                            SANDHILL CO.

                        Income Statement

              For the Year Ended April 30, 2022

Revenues

Sales revenue                                      $6,200

Expenses

Cost of Goods Sold                $1,000

Depreciation expense            $315

Income tax expense               $175

Insurance expense                 $360

Interest expense                     $460

Salaries & Wages expenses  $850

Total Expenses                                     $3,160

Net Income                                           $3,040

                              SANDHILL CO.

                   Retained Earnings Statement

               For the Year Ended April 30, 2022

Retained Earnings, May 1, 2021              $1,700

Add: Net Income                                      $3,040  $4,740

Less: Dividends                                                       $310    

Retained Earnings, April 30, 2022                       $4,430

Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. Thanks for using our service. We're always here to provide accurate and up-to-date answers to all your queries. Thank you for trusting Westonci.ca. Don't forget to revisit us for more accurate and insightful answers.