You are provided with the following information for Kiley Enterprises, effective as of its April 30, 2010, year-end.
Accounts payable ................ $ 834
Accounts receivable ............... 810
Building, net of accumulated depreciation ....... 1,537
Cash ...................... 1,270
Common stock .................. 900
Cost of goods sold ................ 990
Current portion of long-term debt .......... 450
Depreciation expense ............... 335
Dividends .................... 325
Equipment, net of accumulated depreciation ...... 1,220
Income tax expense ................ 165
Income taxes payable ................ $ 135
Interest expense ................. 400
Inventories ................... 967
Land ...................... 2,100
Long-term debt ................. 3,500
Prepaid expenses ................. 12
Retained earnings, beginning ............. 1,600
Revenues .................... 4,600
Selling expenses ................... 210
Short-term investments .............. 1,200
Wages expense ................. 700
Wages payable .................. 222
Instructions
(a) Prepare an income statement and a retained earnings statement for Kiley Enterprises for the year ended April 30, 2010.
(b) Prepare a classified balance sheet for Kiley Enterprises as of April 30, 2010.