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 depreciationequip.

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

1. Prepare an income statement for the year.

2. Prepare a Retained Earnings statement for the year.

3. Prepare a classified balance sheet at July 31