2-3B You are provided with the following information for Vern Corporation, effective s of its April 30, 2014, year-end. Prepare financia (LO 1, 3), AP Accounts payable Accounts receivable Accumulated depreciation-equipment Depreciation expense Cash 3,100 10,150 6,600 3,200 20,955 20,000 2,800 24,250 20,450 Common stock Dividends Equipment Sales revenue Income tax expense Income taxes payable Interest expense 700 300 350 Interest payable Notes payable (due in 2018) Prepaid rent Rent expense 175 4,700 380 660 Retained earnings, beginning Salaries and wages expense 13,960 5,840 Instructions (a) Prepare an income statement and a retained earnings statement for Vern Corporation for the year ended April 30, 2014. (b) Prepare a classified balance sheet for Vern as of April 30, 2014. (a) Net income (b) Tot. current assets Tot. assets

2-3B You are provided with the following information for Vern Corporation, effective s of its April 30, 2014, year-end. Prepare financia (LO 1, 3), AP Accounts payable Accounts receivable Accumulated depreciation-equipment Depreciation expense Cash 3,100 10,150 6,600 3,200 20,955 20,000 2,800 24,250 20,450 Common stock Dividends Equipment Sales revenue Income tax expense Income taxes payable Interest expense 700 300 350 Interest payable Notes payable (due in 2018) Prepaid rent Rent expense 175 4,700 380 660 Retained earnings, beginning Salaries and wages expense 13,960 5,840 Instructions (a) Prepare an income statement and a retained earnings statement for Vern Corporation for the year ended April 30, 2014. (b) Prepare a classified balance sheet for Vern as of April 30, 2014. (a) Net income (b) Tot. current assets Tot. assets

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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