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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
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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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
Transcribed Image Text: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
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