Problem 2-3B (Part Level Submission) You are provided with the following informa
ID: 2581957 • Letter: P
Question
Problem 2-3B (Part Level Submission) You are provided with the following information for Sarasota Corp., effective as of its April 30, 2014, yeor-end. $3,160 10,335 6,600 3,140 21,140 20,555 2,860 24,435 20,510 760 360 410 235 Notes payable (due n 2018 4,885 440 845 Retained earnings, beginning 13,960 Salaries and wages expense 6,025 Accounts payable Accounts receivable Accumulated depreciation- Cash Common stock Dividends Equipment Sales revenue Income tax expense Income taxes payable Interest expense Interest payable Prepaid rent Rent expense (a1) Your answer is correct. Prepare an income statement for Sarasota Corp. for the year ended April 30, 2014 For the Year Ended April 30, 2014 Sales Revenue 20510 Salaries and Wages Expense 6025 845 3140 410 760 Rent Expense Interest Expense Income Tax Expense Total Expenses 11180Explanation / Answer
Balance Sheet
Assets
Current Assets
Cash
21,140
Accounts Receivable
10,335
Prepaid Rent
440
Total Current Assets
31,915
Long term Assets
Equipment
24,435
Less: Accumulated depreciation
(6,600)
17,835
T
Current Liabilities
Accounts Payable
3,160
Income Tax Payable
360
Interest Payable
235
Total Current Liabilities
3,755
Notes Payable(Due in 2018)
4,885
Total Liabilities
8,640
Equity
Common Stock
20,555
Retained Earning
20,430
Total Equity
40,985
Assets
Current Assets
Cash
21,140
Accounts Receivable
10,335
Prepaid Rent
440
Total Current Assets
31,915
Long term Assets
Equipment
24,435
Less: Accumulated depreciation
(6,600)
17,835
T
Current Liabilities
Accounts Payable
3,160
Income Tax Payable
360
Interest Payable
235
Total Current Liabilities
3,755
Notes Payable(Due in 2018)
4,885
Total Liabilities
8,640
Equity
Common Stock
20,555
Retained Earning
20,430
Total Equity
40,985
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