Requirement 1. Prepare Carissa Communications's statement of retained earnings for the year ended
July 31 2018 . Assume that there were no dividends declared during the year and that the business began on
tAugust 1,2017 (Enter a "0" for any zero balances. Include only applicable transactions during the period.)
Requirement 2. Prepare
Carissa Communications's classified balance sheet at
July 31 2018
Use the report format. Begin by completing the assets section, then complete the liabilities and stockholders' equity sections. (If a box is not used in the balance sheet, leave the box empty; do not select a label or enter a zero.)
CARISSA COMMUNICATIONS | ||
STATEMENT OF RETAINED EARNINGS | ||
YEAR ENDED JULY31,2018 | ||
particular | $ | |
Retained earning ,august1,2017 | 0 | |
income for the year | $6,845 | |
retained earning , july31,2018 | $6,845 | |
Balance sheet | ||
july31,2018 | ||
Assets: | $ | $ |
current assets: | ||
account receivable | 3400 | |
merchandies inventory | 1300 | |
cash | 3500 | |
total current assets | 8200 | |
Fixed assets: | ||
equipment net | 12500 | |
total fixed assets | 12500 | |
total assets | 20700 | |
Liabilities: | ||
Current liabilities: | ||
account payble | 4600 | |
accured liabilities | 1900 | |
total current liabilities | 6500 | |
Non current liabilities: | ||
note payble | 1500 | |
total non current liabilities | 1500 | |
totoal liabilities | 8000 | |
stockholder's equity | ||
common stock | 5855 | |
retained earning | 6845 | |
total stockholder's equity | 12700 | |
total |
20700 |
Requirement 1. Prepare Carissa Communications's statement of retained earnings for the year ended July 31 2018...
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