You are provided with the following information for Metlock, Inc, effective as o

Question

You are provided with the following information for Metlock, Inc, effective as of its April 30, 2017, year end. $ 884 950 670 1,410 1,320 1,110 285 375 2,560 215 185 260 450 1,107 3,240 3,640 201 110 1,600 650 272 5,240 1,290 Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common stock Cost of goods sold Depreciation expense Dividends Income tax expense Income taxes payable Insuranvce expense tudy Interest expense Inventory Mortgage payable Notes payable Prepaid insurance Retained earnings (beginning) Salaries and wages expense Salaries and wages peyable Sales revenue Stock investments (short-term)

Explanation / Answer

METLOCK INC INCOME STATEMENT FOR THE YEAR ENDED APRIL 30, 2017 Revenues $5,240 Expenses Cost of Goods Sold $1,110 Salaries and wages expense $650 Depreciation Expense $285 Insurance Expense $260 Interest Expense $450 Income Tax Expense $215 Total Expenses $2,970 Net Income/(Loss) $2,270 METLOCK, INC RETAINED EARNINGS STATEMENT FOR THE YEAR ENDED APRIL 30, 2017 Retained Earnings, May 1 ,2016 $1,600 Add : Net Income/(Loss) $2,270 Less : Dividends $375 Retained Earnings, April 30, 2017 $3,495 METLOCK, INC BALANCE SHEET AS AT YEAR ENDED APRIL 30, 2017 ASSETS Current Assets Cash $1,410 Stock Investments (Short Term) $1,290 Accounts Receivable $950 Inventory $1,107 Prepaid Insurance $110 Total Current Assets $4,867 Property, Plant and Equipment Land $3,240 Equipment $2,560 Less : Accumulated Depreciation $670 $1,890 Total Fixed Assets $5,130 Total Assets $9,997 LIABILITIES Current Liabilities Accounts Payable $884 Notes Payable $201 Income Taxes Payable $185 Salaries and Wages Payable $272 Total Current Liabilities $1,542 Long Term Liabilities Mortgage Payable $3,640 Stockholders Equity Common Stock $1,320 Retained Earnings $3,495 Total Stockholders Equity $4,815 Liabilities and Stockholders Equity $9,997

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