Prepare a classified balance sheet at july 31

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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 $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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