Prepare a classified balance sheet at july 31

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

Questions Cloud

Examine starbucks property : In Financial Statement Case 10-1 (pp. 577-578), you will examine Starbucks' property, plant and equipment and depreciation.

What assumption regarding the population is necessary : The monthly closing stock prices (rounded to the nearest dollar) for Starbucks Corp. and Panera Bread Co. for the first six months of 2010 are reported.

Journalize the adjusting entries : The trial balance of Bellemy Fashion Center contained the following accounts at November

How business research was useful for your research learning : Evaluate the effectiveness and your usefulness of the learning experience - How you will transfer or apply your new knowledge and insights in the future

Prepare a classified balance sheet at july 31 : Prepare an income statement and a retained earnings statement for the year. Prepare a classified balance sheet at July 31.

What is the present value : First-year sales are estimated at $60,000, the horizon is 15 years, and the interest rate is 10%. What is the present value?

Determine variation of temperatures in the box : State the appropriate hypotheses to test whether or not the new packaging material reduces the variation of temperatures in the box.

Explain the companys resources and core competencies : Write an eight to ten page paper in which you: Explain the company's resources, capabilities, and core competencies.

Find a journal article online about standard costing : Find a journal article online about standard costing. In the subject line of your post, include the title of the article that you read.

User Account

All Pages