You are provided with the following information for Merrell Enterprises, effective as of its April.. 1 answer below »

You are provided with the following information for Merrell Enterprises, effective as of its April.. 1 answer below »

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

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