Exercise 2 BRAXTON WHOLESALERS-PROPRIETORSHIP (in 000s of dollars) Capital-Braxton, May 1, 2018 Cash Net sales Accounts receivable Gross income (profit) Accumulated depreciation, May 1, 2018 Net income Notes payable-bank Purchases Long-term bank loan Prepaid expenses Depreciation expense Inventory, May 1, 2018 opy or Pos Accrued expenses payable Drawings Braxton Selling expenses Equipment, cost Inventory, April 30, 2019 Capital Oliver, April 30, 2019 Cost of goods sold Accounts payable General and administrative expenses Different balance sheet and income statement accounts are listed above in random order. The balance sheet accounts are as at April 30, 2019, except where noted. The income statement amounts are for the year ending April 30, 2019, 1. Determine whether each account is a balance sheet or an income statement item 2. Prepare an iocouse statement for Braxton Wholesalers-Proprietorship for the year ending April 30, 2019 Note: Proprietorships do not pay corporate taxes all income is reported by the proprictor as personal income 3. Prepare a statement of retained earnings for the year ended April 30, 2019. 4. Prepare a balance sheet as at April 30, 2019