classified balance sheet

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Print by: ASHLEY SCHMELKIN HFT 4474 - Online RPC and RVC / Homework 1 - Review

*Exercise 4-17

These financial statement items are for Emjay Company at year-end, July 31, 2014.

Salaries and wages payable	$1,963	Notes payable (long-term)	$1,659
Salaries and wages expense	51,129	Cash	14,292
Utilities expense	22,944	Accounts receivable	9,644
Equipment	31,457	Accumulated depreciation-equip.	5,606
Accounts payable	4,775	Dividends	3,500
Service revenue	62,759	Depreciation expense	4,480
Rent revenue	8,404	Retained earnings (beginning of the year)	22,980
Common stock	29,300

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Prepare an income statement for the year. (If the amount for net income is negative, enter amount with either a negative sign preceding the number, e.g. -45 or parenthesis, e.g. (45).)

EMJAY COMPANY Income Statement For the Year Ended July 31, 2014

	$

		$

	$



		$

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Prepare a Retained Earnings statement for the year. (List items that increase retained earnings first.)

EMJAY COMPANY Retained Earnings Statement For the Year Ended July 31, 2014
		$
:
	$


		$

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Prepare a classified balance sheet at July 31. (List current assets in order of liquidity.)

EMJAY COMPANY Balance Sheet July 31, 2014
Assets

	$

		$


:
		$
Liabilities and Stockholder’s Equity

	$

		$







		$

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