1 answer

Requirement 1. Prepare Carissa Communications's statement of retained earnings for the year ended July 31 2018...

Question:

Carissa Communications reported the figures from its adjusted trial balance and from its multi-step income statement for its

Cash Selling Expenses Accounts Payable Common Stock Notes Payable, long-term Merchandise Inventory Administrative Expenses $

Carissa Communications Income Statement Year Ended July 31, 2018 $30,000 18,400 Net Sales Revenue Cost of Goods Sold Gross PrOperating Income Other Income and (Expenses) 6,900 (55) Interest Expense (55) Total Other Income and (Expenses) 6,845 Net Inc

Requirement 1. Prepare Carissa Communications's statement of retained earnings for the year ended

July 31 2018 . Assume that there were no dividends declared during the year and that the business began on

tAugust 1,2017 (Enter a "0" for any zero balances. Include only applicable transactions during the period.)

Carissa Communications Statement of Retained Earnings Year Ended July 31, 2018 Retained Earnings, August 1, 2017 Retained Ear

Requirement 2. Prepare

Carissa Communications's classified balance sheet at

July 31 2018

Use the report format. Begin by completing the assets section, then complete the liabilities and stockholders' equity sections. (If a box is not used in the balance sheet, leave the box empty; do not select a label or enter a zero.)

Balance Sheet July 31, 2018 AssetsLiabilitiesStockholders Equity

Carissa Communications reported the figures from its adjusted trial balance and from its multi-step income statement for its first year of business, which ended on July 31, 2018 EEB (Click the icon to view the accounts and balances.) income statement.) Read the requirements. (Click the icon to view the multi-step
Cash Selling Expenses Accounts Payable Common Stock Notes Payable, long-term Merchandise Inventory Administrative Expenses $ 18,400 12,500 1,900 30,000 3,400 $ 3,500 Cost of Goods Sold 1,700 Equipment, net 4,600 Accrued Liabilities 5,855 Net Sales Revenue 1,500 Accounts Receivable 1,300 Interest Expense 3,000
Carissa Communications Income Statement Year Ended July 31, 2018 $30,000 18,400 Net Sales Revenue Cost of Goods Sold Gross Proft Operating Expenses 11,600 Selling Expenses Administrative Expenses Total Operating Expenses 1,700 3,000 4,700
Operating Income Other Income and (Expenses) 6,900 (55) Interest Expense (55) Total Other Income and (Expenses) 6,845 Net Income (Loss)
Carissa Communications Statement of Retained Earnings Year Ended July 31, 2018 Retained Earnings, August 1, 2017 Retained Earnings, July 31, 2018
Balance Sheet July 31, 2018 Assets
Liabilities
Stockholders' Equity

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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