10 Nov You are provided with the following information fo
You are provided with the following information for Rapp Corporation, effective as of its April 30, 2012, year-end. Accounts payable .. $ 2,100 Accounts receivable .. 9,150 Accumulated depreciation-equipment . 6,600 Depreciation expense 2,200 Cash . 21,955 Common stock . 20,000 Dividends .. 2,800 Equipment .. 24,250 Sales revenue . 21,450 Income tax expense 1,600 Income taxes payable 300 Interest expense .. 350 Interest payable .. 175 Notes payable (due in 2016) . 5,700 Prepaid rent .. 380 Rent expense .. 760 Retained earnings, beginning 13,960 Salaries and wages expense .. 6,840 Instructions (a) Prepare an income statement and a retained earnings statement for Rapp Corporation for the year ended April 30, 2012. (b) Prepare a classified balance sheet for Rapp as of April 30, 2012. (c) Explain how each financial statement interrelates with the others.
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