You are provided with the following information for Sheridan Company, effective as of its April 30, 2017, year-end.

Accounts payable		$ 869
Accounts receivable		935
Accumulated depreciation—equipment		670
Cash		1,395
Common stock		1,275
Cost of goods sold		1,095
Depreciation expense		300
Dividends		360
Equipment		2,545
Income tax expense		200
Income taxes payable		170
Insurance expense		245
Interest expense		435
Inventory		1,092
Land		3,225
Mortgage payable		3,625
Notes payable		186
Prepaid insurance		95
Retained earnings (beginning)		1,600
Salaries and wages expense		665
Salaries and wages payable		257
Sales revenue		5,225
Stock investments (short-term)		1,290

Prepare an income statement for Sheridan Company for the year ended April 30, 2017.

Prepare a retained earnings statement for Sheridan Company for the year ended April 30, 2017. (List items that increase retained earnings first.)

Prepare a classified balance sheet for Sheridan Company as of April 30, 2017. (List current assets in order of liquidity.)

Answer rating: 100% (QA)

Income Statement For the Year Ended April 30 2017 markdown Sales Revenue 5225Cost of Goods Sold 1095... View the full answer