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

Instructions

(a) Prepare an income statement and a retained earnings statement for Lazuris Enterprises for the year ended April 30, 2017.

(b) Prepare a classified balance sheet for Lazuris Enterprises as of April 30, 2017.

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Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common stock Cost of goods sold $ 834 810 670 1,270 900 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 Salaries and wages expense 700 Salaries and wages payable 222 Sales revenue 5,100 Stock investments (short-term) 1,200