You are provided with the following information for Marigold Corp., effective as

Question

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

Stock investments (short-term)

I need income statement, retained earnings statement and balance sheet

1,290

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

Explanation / Answer

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

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