Question

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

Accounts payable		$ 880
Accounts receivable		880
Accumulated depreciation—equipment		660
Cash		1,220
Common stock		17,400
Cost of goods sold		1,070
Depreciation expense		375
Dividends		340
Equipment		2,570
Goodwill		1,600
Income tax expense		155
Income taxes payable		130
Insurance expense		340
Interest expense		580
Inventory		950
Investment in land		14,240
Land		3,000
Mortgage payable (long-term)		3,300
Notes payable (short-term)		60
Prepaid insurance		50
Retained earnings (beginning)		2,000
Salaries and wages expense		700
Salaries and wages payable		240
Sales revenue		4,600
Stock investments (short-term)		1,200

(a1)

Partially correct answer iconYour answer is partially correct.

Prepare an income statement for Carla Vista 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).)

CARLA VISTA CO. Income Statement choose the accounting period                                                                      April 30, 2022For the Year Ended April 30, 2022For the Month Ended April 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

Answer 1

Amount $ 4,600 1,070 3,530 Income statement for Carla Vista Co. for the year ended April 30, 2022 Particulars Amount $ Sales revenue Less: Cost of goods sold Gross Profit Less: Operating expenses Salaries and wages expense 700 Insurance expense Depreciation expense 375 Total Operating expenses Operating income Less: Interest expense Income before incomes taxes Less: Income tax expense Net Income 340 1,415 2,115 580 1,535 155 1,380