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Prepare an income statement and retained earnings statement

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Reference no: EM13966169

The accounts in the ledger of Dependable Delivery Service contain the following balances on July 31, 2014.

Accounts Receivable

$11,400

Prepaid Insurance

$1,800

Accounts Payable

7400

Maintenance and Repairs Expense

1200

Cash

15940

Service Revenue

15500

Equipment

59360

Dividends

800

Utilities Expense

950

Common Stock

40000

Insurance Expense

600

Salaries and Wages Expense

8400

Notes Payable, due 2017

31450

Salaries and Wages Payable

900

Retained Earnings

5,200 (July 1, 2014)

Instructions 

Prepare an income statement and a retained earnings statement for the month of July 2014, and a classified balance sheet for July 31.

Reference no: EM13966169

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