Prepare financial statements.
(lo 1, 3), ap
you are provided with the following information for ramirez enterprises, effective as of its april 30, 2014, year-end.
accounts payable
$? 834
accounts receivable
810
accumulated depreciation�equipment
670
cash
1,270
common stock
900
cost of goods sold
1,060
depreciation expense
335
dividends
325
equipment
2,420
income tax expense
165
income taxes payable
135
insurance expense
210
interest expense
400
inventory
967
land
3,100
mortgage payable
3,500
notes payable
61
prepaid insurance
$? ? 60
retained earnings (beginning)
1,600
salaries and wages expense
700
salaries and wages payable
222
sales revenue
5,100
stock investments (short-term)
1,200
instructions
(a)
prepare an income statement and a retained earnings statement for ramirez enterprises for the year ended april 30, 2014.
net income
$2,230
(b)
prepare a classified balance sheet for ramirez enterprises as of april 30, 2014.
tot. current assets
$4,307
tot. assets
$9,157

Prior to its closing, income summary had total debits of $1,190,500 and total credits of $1,476,300. what purpose is served by the income summary account and what is the nature of the entries that resulted in the $1,190,500 and the $1,476,300? the income summary account is used to the accounts. the $1,190,500 represents the , and the $1,476,300 represents . the company had of $ .

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Uppose that the federal reserve purchases a bond for $100,000 from donald truck, who deposits the proceeds in the manufacturer’s national bank. what will be the impact of this purchase on the supply of money? the money supply will increase by $100,000. the money supply will increase by $80,000. the money supply will increase by $500,000. this action will have no effect on the money supply. if the reserve requirement ratio is 20 percent, what is the maximum amount of additional loans that the manufacturer’s bank will be able to extend as the result of truck’s deposit? the maximum additional loans is $100,000. the maximum additional loans is $80,000. the maximum additional loans is $20,000. the maximum additional loans is $500,000. given the 20 percent reserve requirement, what is the maximum increase in the quantity of checkable deposits that could result throughout the entire banking system because of the fed’s action? this action will have no effect on the money supply. the money supply will eventually increase by $80,000. the money supply will eventually increase by $500,000. the money supply will eventually increase by $100,000.