Prepare a classified balance sheet at july 31

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Reference no: EM131807587

These financial statement items are for Norsted Company at year-end, July 31, 2015.

A. Prepare an income statement and a retained earnings statement for the year.

B. Prepare a classified balance sheet at July 31.

Norsted Company
Income Statement
For The Year Ended July 31, 2015
Revenues:
Expenses:
Norsted Company

For the Year Ended July 31, 2015

Salaries and wages payable	$ 2,080	Notes payable (long-term)	$ 1,800
Salaries and wages expense	51,700	Cash	14,200
Utilities expense	22,600	Accounts receivable	9,780
Equipment	30,400	Accumulated depreciation-equipment	6,000
Accounts payable	4,100	Dividends	3,000
Service revenue	62,000	Depreciation expense	4,000
Rent revenue	8,500	Retained earnings (beginning of the year)	21,200
Common stock	30,000

Reference no: EM131807587

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