You are provided with the following information for Sandhill Co., effective as of its April 30, 2022, year-end.
Accounts payable | $ 848 | |
Accounts receivable | 900 | |
Accumulated depreciation—equipment | 630 | |
Cash | 1,360 | |
Common stock | 16,300 | |
Cost of goods sold | 1,000 | |
Depreciation expense | 315 | |
Dividends | 310 | |
Equipment | 2,500 | |
Goodwill | 1,900 | |
Income tax expense | 175 | |
Income taxes payable | 135 | |
Insurance expense | 360 | |
Interest expense | 460 | |
Inventory | 950 | |
Investment in land | 15,000 | |
Land | 3,200 | |
Mortgage payable (long-term) | 4,500 | |
Notes payable (short-term) | 62 | |
Prepaid insurance | 70 | |
Retained earnings (beginning) | 1,700 | |
Salaries and wages expense | 850 | |
Salaries and wages payable | 275 | |
Sales revenue | 6,200 | |
Stock investments (short-term) | 1,300 |
Prepare an income statement for Sandhill Co. 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).)
SANDHILL CO. |
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select an opening name for section one DividendsExpensesNet Income / (Loss)Retained Earnings, May 1, 2021Retained Earnings, April 30, 2022RevenuesTotal ExpensesTotal Revenues |
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$enter a dollar amount |
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select an opening name for section two DividendsExpensesNet Income / (Loss)Retained Earnings, May 1, 2021Retained Earnings, April 30, 2022RevenuesTotal ExpensesTotal Revenues |
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enter an income statement item |
$enter a dollar amount |
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enter an income statement item |
enter a dollar amount |
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enter an income statement item |
enter a dollar amount |
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enter an income statement item |
enter a dollar amount |
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enter an income statement item |
enter a dollar amount |
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enter an income statement item |
enter a dollar amount |
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select a closing name for section two DividendsExpensesNet Income / (Loss)Retained Earnings, May 1, 2021Retained Earnings, April 30, 2022RevenuesTotal ExpensesTotal Revenues |
enter a total of the six previous amounts |
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select a closing name for this statement DividendsExpensesNet Income / (Loss)Retained Earnings, May 1, 2021Retained Earnings, April 30, 2022RevenuesTotal ExpensesTotal Revenues |
$enter a total net income or loss amount |
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List of Accounts
Prepare a retained earnings statement for Sandhill Co. for the year ended April 30, 2022. (List items that increase retained earnings first.)
SANDHILL CO. |
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select an opening name DividendsExpensesNet Income / (Loss)Retained Earnings, May 1, 2021Retained Earnings, April 30, 2022RevenuesTotal ExpensesTotal Revenues |
$enter a dollar amount |
select between addition and deduction AddLess: select an item DividendsExpensesNet Income / (Loss)Retained Earnings, May 1, 2021Retained Earnings, April 30, 2022RevenuesTotal ExpensesTotal Revenues |
enter a dollar amount |
enter a subtotal of the two previous amounts |
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select between addition and deduction AddLess: select an item DividendsExpensesNet Income / (Loss)Retained Earnings, May 1, 2021Retained Earnings, April 30, 2022RevenuesTotal ExpensesTotal Revenues |
enter a dollar amount |
select a closing name DividendsExpensesNet Income / (Loss)Retained Earnings, May 1, 2021Retained Earnings, April 30, 2022RevenuesTotal ExpensesTotal Revenues |
$enter a total amount |
Answers
--requirement [1]
SANDHILL CO. | ||
Income Statement | ||
For the Year Ended April 30, 2022 | ||
Revenues | ||
Sales revenue | $6,200 | |
Expenses | ||
Cost of Goods Sold | $1,000 | |
Depreciation expense | $315 | |
Income tax expense | $175 | |
Insurance expense | $360 | |
Interest expense | $460 | |
Salaries & Wages expenses | $850 | |
Total Expenses | $3,160 | |
Net Income / (Loss) | $3,040 |
--Requirement [2]
SANDHILL CO. | |
Retained Earnings Statement | |
For the Year Ended April 30, 2022 | |
Retained Earnings, May 1, 2021 | $1,700 |
Add: Net Income / (Loss) | $3,040 |
$4,740 | |
Less: Dividends | $310 |
Retained Earnings, April 30, 2022 | $4,430 |
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