Use these data to prepare Falcon Sporting Goods Company’s income statement for the year ended March…

(Learning Objective 4: Preparing the financial statements) Falcon Sporting Goods Company reported the following data at March 31, 20X4, with amounts in thousands:

Retained earnings,

Cost of goods sold

$126,000

March 31, 20X3

$ 1,300

Cash

900

Accounts receivable

27,700

Property and equipment, net

7,200

Net revenue

174,500

Common stock

26,000

Total current liabilities

53,600

Inventories

33,000

All other expenses

45,000

Long-term liabilities

13,500

Other current assets

4,800

Dividends

0

Other assets

24,300

Use these data to prepare Falcon Sporting Goods Company’s income statement for the year ended March 31, 20X4; statement of retained earnings for the year ended March 31, 20X4; and classified balance sheet at March 31, 20X4. Use the report format for the balance sheet. Draw arrows linking the three statements.

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