(a1) Prepare an income statement for Martinez Corp. for the year ended April 30,

Question

(a1)

Prepare an income statement for Martinez Corp. for the year ended April 30, 2014.

You are provided with the following information for Martinez Corp., effective as of its April 30, 2014, year-end.
Accounts payable $3,110 Accounts receivable 10,315 Accumulated depreciation—equipment 6,600 Depreciation expense 3,190 Cash 21,120 Common stock 20,495 Dividends 2,810 Equipment 24,415 Sales revenue 20,460 Income tax expense 710 Income taxes payable 310 Interest expense 360 Interest payable 185 Notes payable (due in 2018) 4,865 Prepaid rent 390 Rent expense 825 Retained earnings, beginning 13,960 Salaries and wages expense 6,005

Explanation / Answer

Income statement For the year ended April 30, 2014 Revenues Sales revenue 20460 Expenses: Salaries and wages expense 6005 Rent expense 825 Interest expense 360 Depreciation expense 3190 Income tax expense 710 Total expenses 11090 Net income(loss) 9370

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