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 depreciation—equipment... 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.

(b) Prepare a classified balance sheet for Ramirez Enterprises as of April 30, 2014.