Question

Instructions Prepare an income statement, letalined earnings statement, and a classified balance sheet as of Decem Net income Tot, assets $21,400 $84,500 ber 31, 2022 Prepare financial statements P2.3A (LO 1), AP You are provided with the following information for Lazuris Enterprises, effective as of its April 30, 2022, year-end, 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) $ 834 810 670 1,270 16,900 1,060 335 325 2,420 1,800 165 135 210 400 967 14,200 3.100 3,500 61 60 1,600 700 222 5.100 1.200 a. Net income b. Tot, current assets Tot, assets $2,230 $4,307 $25,157 Instructions a. Prepare an income statement and a retained earnings statement for Lazuris Enterprises for the year ended April 30, 2022 b. Prepare a classified balance sheet for Lazuris Enterprises as of April 30, 2022

Answer 1

Answer-

Lazuris Enterprises
Income Statement
For the year ended April 30, 2022
Sales Revenue		$5,100.00
Less: Cost of Goods Sold		$1,060.00
Gross Profit		$4,040.00
Less: Operating Expenses
Salaries and Wages Expense	$700.00
Insurance Expense	$210.00
Depreciation Expense	$335.00
Total Operating Expenses		$1,245.00
Income from Operations		$2,795.00
Less: Interest Expense		$400.00
Income before Taxes		$2,395.00
Less: Income Tax Expense		$165.00
Net Income		$2,230.00

Lazuris Enterprises
Statement of Retained Earnings
For the year ended April 30, 2022
Retained Earnings, beginning	$1,600.00
Add: Net Income	$2,230.00
Less: Dividends	-$325.00
Retained Earnings, ending	$3,505.00

Lazuris Enterprises
Balance Sheet
April 30, 2022
Assets
Current Assets
Cash	$1,270.00
Stock Investments ( Short Term )	$1,200.00
Accounts Receivable	$810.00
Inventory	$967.00
Prepaid Insurance	$60.00
Total Current Assets		$4,307.00
Investments
Investment in Land		$14,200.00
Property Plant & Equipment
Equipment	$2,420.00
Less: Accumulated Depreciation	-$670.00
Equipment, net	$1,750.00
Land	$3,100.00	$4,850.00
Intangible Assets
Goodwill		$1,800.00
Total Assets		$25,157.00
Liabilities
Current Liabilities
Accounts Payable	$834.00
Salaries and Wages Payable	$222.00
Income Taxes Payable	$135.00
Notes Payable ( Short Term )	$61.00
Total Current Liabilities		$1,252.00
Long Term Liabilities
Mortgage Payable		$3,500.00
Total Liabilities		$4,752.00
Stockholders' Equity
Common Stock	$16,900.00
Retained Earnings	$3,505.00
Total Stockholders' Equity		$20,405.00
Total Liabilities and Stockholders' Equity		$25,157.00

68000 Answer: Martin Corporation Income Statement For the Year Ended December 31, 2017 Revenues: Service Revenue 68000 Total Revenues Expenses: Utilities Expense 2000 Maintenance and Repairs Expense 1800 Depreciation Expense 3600 Insurance Expense 2200 Salaries and Wages Expense 37000 Total Expenses Net Income 46600 21400 Martin Corporation Retained Earnings Statement For the Year Ended December 31, 2017 Retained Earnings (Beginning of Year) Add: Net Income 31000 21400 52400 12000 40400 Less: Dividends Retained Earnings, December 31, 2017

Martin Corporation Balance Sheet as of December 31, 2017 Assets Curren Asets: Cash Prepaid Insurance Accounts Receivable Total Current Assets Property Plant and Equipment Equipment Less: Accumulated Depreciation Net Property, Plant and Equipment Total Assets 10100 3500 11700 25300 66000 17600 48400 73700 21300 Liabilities and Stockholders' Equity Current Liabilities Accounts Payable 18300 Salaries and Wages Payable 3000 Total Current Liabilities Stockholders' Equity Common Stock 12000 Retained Earnings, December 31, 2014 40400 Total Stockholders' Equity Total Liabilities and Stockholders' Equity 52400 73700

Kindly give me thumbs up if u like my answer...Thanks!!!!