Problem 2-3B (Part Level Submission) You are provided with the following informa

Question

Problem 2-3B (Part Level Submission) You are provided with the following information for Sarasota Corp., effective as of its April 30, 2014, year-end $3,160 10,335 6,600 3,140 21,140 20,555 2,860 24,435 20,510 Accounts payable Accounts receivable Accumulated depreciation-equipment Depreciation expense Common stock Sales revenue Income tax expense Income taxes payable Interest expense Interest payable Notes payable (due in 2018) Prepaid rent Rent expense Retained earnings, beginning Salaries and wages expense 410 4,885 13,960 6,025 (al) Prepare an income statement for Sarasota Corp. for the year ended April 30, 2014 Sarasota Corp.

Explanation / Answer

Retained Earnings Statement For the year ended April 30,2014 Retained earnings,beginning 13960 Add: Net income 9330 23290 Less: Dividends 2860 Retained earnings,ending 20430

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