Question

Suppose Vulture Sporting Goods Company reported the following data at July 31, 2018, with amounts in thousands: (Click the icon to view the data.) Use these data to prepare Vulture Sporting Goods Company's single-step income statement for the year ended July 31, 2018; statement of the report format for the balance sheet. Use the given data to prepare Vulture Sporting Goods Company's income statement for the year ended July 31, 2018. (If a box is not used in thousands as provided in the problem statement.) Vulture Sporting Goods Company Data Table Income Statement Year Ended July 31, 2018 Thousands Retained earnings July 31, 2017 Accounts receivable $ 2 18 53 Net revenues Total current liabilities All other expenses Other current assets Other assets 28 4 24. P Choose from any list or enter any number in the input fields and then click Check Answer. 3 parts remaining Clear All

Answer 1

Income statement
for the year ended 31 July 2018

Particulars	Amount
Net Revenues	$185,500
Cost of goods sold	$(136,400)
All other expenses	$(28,000)
Net Income	$21,100

Statement of retained earnings for the year ended 31 July 2018

Particulars	Amount
Retained earnings as on 31 July 2017	$36,100
Add: Net Income of current year	$21,100
Retained earnings as on 31 July 2018	$57,200

Balance sheet
  as on 31 July 2018.

Liabilities	Amount	Assets	Amount
Common Stock	$30,800	Accounts receivable	$28,100
Retained earnings	$57,200	Other current assets	$4900
Total Current liabilities	$53,000	Other assets	$24,300
Long term liabilities	$1800	Cash	$26.400
		Property and equipment net	$19,100
		Inventories	$40,000
	$142,800		$142,800