Question

You are provided with the following information for Marigold Corp., effective as of its April 30, 2017, year-end.

Accounts payable		$ 854
Accounts receivable		920
Accumulated depreciation—equipment		670
Cash		1,380
Common stock		1,230
Cost of goods sold		1,080
Depreciation expense		315
Dividends		345
Equipment		2,530
Income tax expense		185
Income taxes payable		155
Insurance expense		230
Interest expense		420
Inventory		1,077
Land		3,210
Mortgage payable		3,610
Notes payable		171
Prepaid insurance		80
Retained earnings (beginning)		1,600
Salaries and wages expense		680
Salaries and wages payable		242
Sales revenue		5,210
Stock investments (short-term) I need income statement, retained earnings statement and balance sheet		1,290

Answer 1

Income Statement
Sales revenue:			5210
Less: Operating expenses
Cost of goods sold		1080
Depreciation		315
Insurance expense		230
Interest expense		420
Salaries and wages expense		680	2725
Net income before tax			2485
Less: Tax			185
Net income after tax			2300
Statement of Retained earnings:
Beginning Balance of RE			1600
Add: Net income			2300
			3900
Less: Dividend			345
Ending Balance of RE			3555
Balance Sheet:
Assets:
Current assets:
Cash			1380
Accounts receivable			920
Inventory			1077
Prepaid insurance			80
Short term investment			1290
Total current assets				4747
Land				3210
Equipment			2530
Less: Accumulated depreciation			670	1860
Total Assets				9817
Liabilities:
Current liabilities:
Accounts payable			854
Income tax payable			155
Sales and wages payable			242
Total current liabilities				1251
Long term liabilitiesL
Mortgage payable			3610
Note payable			171
Total long term liabilities				3781
Total liabilities				5032
Stockholder's equity:
Common Stock			1230
Retained earnings			3555
Total Stockholder's equity				4785
Total Liabilities and Stockholder's equity				9817