Question

You are provided with the following information for Tamarisk, Inc., effective as of its April 30, 2017, year-end. Accounts payable $ 914 Accounts receivable 980 Accumulated depreciation—equipment 670 Cash 1,440 Common stock 1,410 Cost of goods sold 1,140 Depreciation expense 255 Dividends 405 Equipment 2,590 Income tax expense 245 Income taxes payable 215 Insurance expense 290 Interest expense 480 Inventory 1,137 Land 3,270 Mortgage payable 3,670 Notes payable 231 Prepaid insurance 140 Retained earnings (beginning) 1,600 Salaries and wages expense 620 Salaries and wages payable 302 Sales revenue 5,270 Stock investments (short-term) 1,290