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You are provided with the following information for Wildhorse Co., effective as of its April 30, 2017, year-end Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common stock Cost of goods sold Depreciation expense Dividend:s Equipment Income tax expense Income taxes payable Insurance expense Interest expense Inventory Land Mortgage payable Notes payable Prepaid insurance Retained earnings (beginning) Salaries and wages expense Salaries and wages payable Sales revenue Stock investments (short-term) $924 990 670 1,450 1,440 1,150 245 415 2,600 255 225 300 490 1,147 3,280 3,680 241 150 1,600 610 312 5,280 1,290

Prepare an income statement for Wildhorse Co. for the year ended April 30, 2017 Wildhorse Co. Income Statement For the Year Ended April 30, 2017 Revenues Sales Revenue 5280 Expenses Cost of Goods Sold 1150 245 Depreciation Expense Insurance Expense Salaries and Wages Expense Interest Expense Income Tax Expense Total Expenses 300 610 490 255 3050 Net Income / (Loss) 2230

Prepare a retained earnings statement for Wildhorse Co. for the year ended April 30, 2017. (List items that increase retained earnings first.) Wildhorse Co. Retained Earnings Statement For the Year Ended April 30, 2017 Retained Earnings, May 1, 2016 1600 2230 Add L Net Income / (Loss) 3830 Less Dividends 415 Retained Earnings, April 30, 2017 3415 Click if you would like to Show Work for this question: Open Show Work

Prepare a classified balance sheet for Wildhorse Co. as of April 30, 2017. (List current assets in order of liquidity.) Wildhorse Co Balance Sheet Assets

Liabilities and Stockholders Equity

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Answer Wildhorse Co Income Statement For the Year Ended April 30,2017 Revenues Service Revenue S 5,280 Expenses Cost of goods sold S 1,150 245 300 610 490 255 ciation Expense Insurance Expense Salaries and Wages Expense Interest Expense Income Tax Expense Total Expenses Net Income / (Loss) 3,050 S 2,230 Wildhorse Co. Retained Earnings Statement For the Year Ended April 30,2017 Retained Earning, May, 2016 Add : Net Income (Loss) $ 1,600 2,230 3,830 415 $ 3,415 Less Dividends Retained Earnings, April 30, 2017 Created by Universal Document ConverterWildhorse Co Balance Sheet For the Year Ended April 30,2017 Assets Current Asscts: Accounts Receivable Cash Invento short-term investments Prepaid Insurance 990 1,450 1,147 1,290 Total Current Assets ro Land Equipment Less: Accum. Depreciation -Equipment 5,027 land, and equipment 3,280 2600 670 1930 Total Property Plant and Equipment Total Assets ,210 S 10,237 Liabilities and Stockholders Equity Current Liabilities Notes payable Accounts Payable Mortgage Payable Salaries and Wages Pavable Income tax payable S 241 924 3680 312 225 Total Liabilities $5,382 Stockholders Equit Common Stock Retained earnings Total Stockholders Equity 1,440 3,415 4,855 S10,237 Total Liabilities and Stockholders Equity Created by Universal Document Converter

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