Question

You are provided with the following information for Sandhill Co., effective as of its April 30, 2022, year-end.

Accounts payable		$ 848
Accounts receivable		900
Accumulated depreciation—equipment		630
Cash		1,360
Common stock		16,300
Cost of goods sold		1,000
Depreciation expense		315
Dividends		310
Equipment		2,500
Goodwill		1,900
Income tax expense		175
Income taxes payable		135
Insurance expense		360
Interest expense		460
Inventory		950
Investment in land		15,000
Land		3,200
Mortgage payable (long-term)		4,500
Notes payable (short-term)		62
Prepaid insurance		70
Retained earnings (beginning)		1,700
Salaries and wages expense		850
Salaries and wages payable		275
Sales revenue		6,200
Stock investments (short-term)		1,300

Prepare an income statement for Sandhill Co. for the year ended April 30, 2022. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

SANDHILL CO. Income Statement choose the accounting period                                                                      For the Year Ended April 30, 2022For the Month Ended April 30, 2022April 30, 2022
select an opening name for section one                                                                      DividendsExpensesNet Income / (Loss)Retained Earnings, May 1, 2021Retained Earnings, April 30, 2022RevenuesTotal ExpensesTotal Revenues
enter an income statement item		$enter a dollar amount
select an opening name for section two                                                                      DividendsExpensesNet Income / (Loss)Retained Earnings, May 1, 2021Retained Earnings, April 30, 2022RevenuesTotal ExpensesTotal Revenues
enter an income statement item	$enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
select a closing name for section two                                                                      DividendsExpensesNet Income / (Loss)Retained Earnings, May 1, 2021Retained Earnings, April 30, 2022RevenuesTotal ExpensesTotal Revenues		enter a total of the six previous amounts
select a closing name for this statement                                                                      DividendsExpensesNet Income / (Loss)Retained Earnings, May 1, 2021Retained Earnings, April 30, 2022RevenuesTotal ExpensesTotal Revenues		$enter a total net income or loss amount

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Prepare a retained earnings statement for Sandhill Co. for the year ended April 30, 2022. (List items that increase retained earnings first.)

SANDHILL CO. Retained Earnings Statement choose the accounting period                                                                      April 30, 2022For the Year Ended April 30, 2022For the Month Ended April 30, 2022
select an opening name                                                                      DividendsExpensesNet Income / (Loss)Retained Earnings, May 1, 2021Retained Earnings, April 30, 2022RevenuesTotal ExpensesTotal Revenues	$enter a dollar amount
select between addition and deduction                                                                      AddLess: select an item                                                                      DividendsExpensesNet Income / (Loss)Retained Earnings, May 1, 2021Retained Earnings, April 30, 2022RevenuesTotal ExpensesTotal Revenues	enter a dollar amount
	enter a subtotal of the two previous amounts
select between addition and deduction                                                                      AddLess: select an item                                                                      DividendsExpensesNet Income / (Loss)Retained Earnings, May 1, 2021Retained Earnings, April 30, 2022RevenuesTotal ExpensesTotal Revenues	enter a dollar amount
select a closing name                                                                      DividendsExpensesNet Income / (Loss)Retained Earnings, May 1, 2021Retained Earnings, April 30, 2022RevenuesTotal ExpensesTotal Revenues	$enter a total amount

Answer 1

Answers

--requirement [1]

SANDHILL CO.
Income Statement
For the Year Ended April 30, 2022
Revenues
Sales revenue		$6,200
Expenses
Cost of Goods Sold	$1,000
Depreciation expense	$315
Income tax expense	$175
Insurance expense	$360
Interest expense	$460
Salaries & Wages expenses	$850
Total Expenses		$3,160
Net Income / (Loss)		$3,040

--Requirement [2]

SANDHILL CO.
Retained Earnings Statement
For the Year Ended April 30, 2022
Retained Earnings, May 1, 2021	$1,700
Add: Net Income / (Loss)	$3,040
	$4,740
Less: Dividends	$310
Retained Earnings, April 30, 2022	$4,430