Prepare a balance sheet for the fiscal year ending April 30, 2021 based on the following transactions:

1) retained earnings $1,562,046

2) patent royalty 19,030

3) merchandise inventory 2550

4) furniture purchased November 1, 2019 30,000

5) promissory note matured 175,000

6) taxes owed =18,000 + 20% of merchandise inventory

7) insurance bought May 1, 2020 for 2 years 6,500

8) 20% of customer debt not collectible

9) commissions owed 18,600

10) par value: common $175/share

11) customers owe 40,000

12) ending cash balance equals amount from sale of business property

13) preferred stock: shares sold = 410

14) equipment purchased May 1, 2016 250,000

15) office furniture 5 year service life; SLD

16) mortgage on equipment 652,619

17) common stock sold = 625 shares

18) equipment 10 year service life; SLD

19) par value: preferred $200/share

20) supplies owed 15,750

21) Company Y promissory note matured 232,000

22) building purchased May 1, 2017 700,000

23) bond 108,000

24) land sold at 10% over market value; purchased May 1, 2017

@ $750,000

25) building 20 year service life: SLD

26) land value appreciates @ 15%/year

27) charitable causes 250,895

28) equipment owed 90,000

29) salaries owed 120, 179

30) copyright royalty 148,600

31) long-term loan 68246

32( scholarship 90000

II. Prepare an Income Statement based on the following:

- gross sales = 2346217

- taxes = 9.3% of net sales

- sales expenses = 12092

- building depreciation = 1 year depreciation from Balance Sheet

- discount on sales = 3% of gross sales

- administrative expense = 14598

- cost of goods sold = 3x merchandise inventory from Balance Sheet

- sales returned = 2.5% gross sales

- interest expense = 1 3/4% of net sales

- income from other sources = 49876

- depreciation on equipment = 1/2 year depreciation from Balance Sheet

III. Based on information in the Balance Sheet or Income Statement find, A) Return on Sales Ratio, B) Current Ratio, and the C) Inventory Turnover Ratio.