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Exercise 4-17

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

Salaries and wages payable

$2,080

Notes payable (long-term)

$1,800

Salaries and wages expense

50,700

Cash

14,200

Utilities expense

22,600

Accounts receivable

9,180

Equipment

30,000

Accumulated depreciation-equip.

6,000

Accounts payable

4,100

Dividends

3,000

Service revenue

62,000

Depreciation expense

2,500

Rent revenue

8,500

Retained earnings (beginning of the year)

22,700

Common stock

25,000

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

$

$

$

$

SHOW LIST OF ACCOUNTS

LINK TO TEXT

LINK TO TEXT

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

$

:

$

$

SHOW LIST OF ACCOUNTS

LINK TO TEXT

LINK TO TEXT

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

$

$

$