You are provided with the following info for Maxim Enterprises, effective as of its April 30 2007 year-end.

Accounts payable ...................................................................................$834

Accounts receivable .................................................................................810

Building, net of accumulated depreciation ........................................... 1,537

Cash .........................................................................................................770

Common Stock .........................................................................................900

Cost of goods sold ....................................................................................990

Current portion of long-term debt .............................................................450

Depreciation expense ...............................................................................335

Dividends paid during the year................................................................. 325

Equipment, net of accumulated depreciation ..........................................1220

Income tax expense ..................................................................................165

Income taxes payable ...............................................................................135

Interest expense ........................................................................................400

Inventories ................................................................................................967

Land ........................................................................................................1600

Long-term debt ........................................................................................3500

Prepaid expenses .........................................................................................12

Retained earnings, beginning ...................................................................1600

Revenue ..................................................................................................3600

Selling expenses ..........................................................................................210

Short-term investments ..............................................................................1200

Wages expense ............................................................................................700

Wages payable .............................................................................................222

Instructions:

a) Prepare an income statement and a retained earnings statement for Maxim Enterprises for the year ended April 30 2007

b) Prepare a classified balance sheet for Maxim enterprises as of April 30, 2007