Question
You are provided with the following information for Sheridan Company, effective as of its April 30, 2022, year-end. Accounts payable $ 878 Accounts receivable 910
You are provided with the following information for Sheridan Company, effective as of its April 30, 2022, year-end.
Accounts payable | $ 878 | |
Accounts receivable | 910 | |
Accumulated depreciationequipment | 560 | |
Cash | 1,360 | |
Common stock | 16,400 | |
Cost of goods sold | 1,080 | |
Depreciation expense | 390 | |
Dividends | 320 | |
Equipment | 2,600 | |
Goodwill | 1,800 | |
Income tax expense | 170 | |
Income taxes payable | 125 | |
Insurance expense | 250 | |
Interest expense | 530 | |
Inventory | 940 | |
Investment in land | 13,795 | |
Land | 3,400 | |
Mortgage payable (long-term) | 4,300 | |
Notes payable (short-term) | 62 | |
Prepaid insurance | 60 | |
Retained earnings (beginning) | 1,800 | |
Salaries and wages expense | 850 | |
Salaries and wages payable | 230 | |
Sales revenue | 5,900 | |
Stock investments (short-term) | 1,800 |
Prepare an income statement for Sheridan Company for the year ended April 30, 2022. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Prepare a retained earnings statement for Sheridan Company for the year ended April 30, 2022. (List items that increase retained earnings first.)
Prepare a classified balance sheet for Sheridan Company as of April 30, 2022. (List Current Assets in order of liquidity.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started