Question

(Working with an income statement) Prepare a balance sheet and income statement for Belmond Inc. from...

(Working with an income statement) Prepare a balance sheet and income statement for Belmond Inc. from the information in the following table.

Hint: Use the accumulated depreciation account as a negative value. Retained earnings may not be needed for the question.

Inventory $6,762
Common stock $46,586
Cash $14,589
Short-term notes payable $666
Interest expense $876
Depreciation expense $493
Sales $11,883
Accounts receivable $9,603
Accounts payable $4,953
Long-term debt $55,544
Cost of goods sold $5,587
Buildings and equipment $123,116
Accumulated depreciation $34,591
Taxes $1,580
General and administration expense $976
Retained earnings ?

What is the firm's net income $___________. (Round to the nearest dollar and use thousands separators.)

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