The following items were taken from the financial statements of R. Stevens Company. (All dollars are in thousands.)
|
Salaries payable |
$ 2,080 |
Note payable (long term) |
$ 1,800 |
|
Salaries expense |
51,700 |
Cash |
24,200 |
|
Utilities expense |
22,600 |
Accounts receivable |
9,780 |
|
Equipment |
18,500 |
Accumulated depreciation |
6,000 |
|
Accounts payable |
4,100 |
Dividends |
4,000 |
|
Commission revenue |
61,100 |
Depreciation expense |
4,000 |
|
Rent revenue |
8,500 |
Retained earnings (beginning |
21,200 |
|
Common stock |
30,000 |
of the year) |
Instructions
(a) Prepare an income statement and a retained earnings statement for the year.
(b) Prepare a classified balance sheet at July 31.