Answer:
SANDHILL CO.
Income Statement
For the Year Ended April 30, 2022
<u>Revenues</u>
Sales revenue $6,200
<u>Expenses</u>
Cost of Goods Sold $1,000
Depreciation expense $315
Income tax expense $175
Insurance expense $360
Interest expense $460
Salaries & Wages expenses <u>$850</u>
Total Expenses <u>$3,160</u>
Net Income <u>$3,040</u>
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SANDHILL CO.
Retained Earnings Statement
For the Year Ended April 30, 2022
Retained Earnings, May 1, 2021 $1,700
Add: Net Income <u>$3,040</u> $4,740
Less: Dividends <u>$310 </u>
Retained Earnings, April 30, 2022 <u>$4,430</u>