Problem:
You are provided with the following information 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
|
1,220
|
|
Income tax expense
|
165
|
|
Income taxes payable
|
135
|
|
Interest expense
|
400
|
|
Inventories
|
967
|
|
Land
|
1,600
|
|
Long-term debt
|
3,500
|
|
Prepaid expenses
|
12
|
|
Retained earnings, beginning
|
1,600
|
|
Revenues
|
3,600
|
|
Selling expenses
|
210
|
|
Short-term investments
|
1,200
|
|
Wages expense
|
700
|
|
Wages payable
|
222
|
Complete an income statement, a retained earnings statement and a classified balance sheet for Maxim Enterprises for the year ended April 30, 2007.
Attachment:- Complete an income statement.rar