Question

You are provided with the following information for Ivanhoe Company, effective as of its April 30, 2022, year-end. $ 838 950 640 1,350 16,700 1,100 420 300 2,600 1,900 165 165 Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common stock Cost of goods sold Depreciation expense Dividends Equipment Goodwill Income tax expense Income taxes payable Insurance expense Interest expense Inventory Investment in land Land Mortgage payable (long-term) Notes payable (short-term) Prepaid insurance Retained earnings (beginning) Salaries and wages expense Salaries and wages payable Sales revenue Stock investments (short-term) 380 520 940 14,100 3,100 3,000 67 50 1,600 600 265 6,500 1,300

Answer 1

The answer has been presented in the supporting sheet. For detailed answer refer to the supporting sheet.

Answer Part 1 6500 600 IVANHOE INCOME STATEMENT For Year Ended APRIL 30, 2022 Revenue Sales Revenue Expenses Cost of goods sold 1100 Depreciation expense 420 Insurance expense Interest expense Salaries and wages expense Income tax expense 165 Total expense Net Operating income Part 2) IVANHOE Retained Earning Statement As on April 30,2022 Beginning balance 1600 Net Income 3315 4915 Less Dividend 300 Ending Balance 4615 3185 3315

1350 950 940 1300 Part 3) IVANHOE Balance Sheet As on April 30,2022 Assets Current Asset Cash Account receivable Inventory Prepaid Insurance Stock Investment Total Current Asset Investments Investment in Land Property Plant and equipment Land Equipment 2600 Less Accumulated Depreciation-Equipmd 6 40| Total Property Plant and Equipment Intangible Assets Goodwill Total Assets 4590 14100 3100 19601 5060 1900 25650

838 165 67 265 Liabilities and Stockholders Equity Current Liabilities Account Payable Income taxes Payable Note Payable 6 Salaries and wages Payable Total Current Liabilities Non Current liabilities Mortage Payable Total Liabilities Stock Holders Equity Common Stock Retained Earning Total Stock Holders Equity Total Liabilities and Stock Holders Equity 3000 4335 16700 4615 25650