## Answers

CARISSA COMMUNICATIONS | ||

STATEMENT OF RETAINED EARNINGS | ||

YEAR ENDED JULY31,2018 | ||

particular | $ | |

Retained earning ,august1,2017 | 0 | |

income for the year | $6,845 | |

retained earning , july31,2018 | $6,845 | |

Balance sheet | ||

july31,2018 | ||

Assets: | $ | $ |

current assets: | ||

account receivable | 3400 | |

merchandies inventory | 1300 | |

cash | 3500 | |

total current assets | 8200 | |

Fixed assets: | ||

equipment net | 12500 | |

total fixed assets | 12500 | |

total assets | 20700 | |

Liabilities: | ||

Current liabilities: | ||

account payble | 4600 | |

accured liabilities | 1900 | |

total current liabilities | 6500 | |

Non current liabilities: | ||

note payble | 1500 | |

total non current liabilities | 1500 | |

totoal liabilities | 8000 | |

stockholder's equity | ||

common stock | 5855 | |

retained earning | 6845 | |

total stockholder's equity | 12700 | |

total | 20700 |

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