Please prepare the income statement and the retained earnings statement in an Excel format.

P2-3A

Prepare financial statements.

(LO 1, 3), AP

You are provided with the following information for Ramirez Enterprises, effective as of its April 30, 2014, year-end.

Accounts payable	$ 834
Accounts receivable	810
Accumulated depreciationequipment	670
Cash	1,270
Common stock	900
Cost of goods sold	1,060
Depreciation expense	335
Dividends	325
Equipment	2,420
Income tax expense	165
Income taxes payable	135
Insurance expense	210
Interest expense	400
Inventory	967
Land	3,100
Mortgage payable	3,500
Notes payable	61
Prepaid insurance	$ 60
Retained earnings (beginning)	1,600
Salaries and wages expense	700
Salaries and wages payable	222
Sales revenue	5,100
Stock investments (short-term)	1,200

Instructions

(a)

Prepare an income statement and a retained earnings statement for Ramirez Enterprises for the year ended April 30, 2014.

Net income

$2,230