These financial statement items are for below Corporation at year-end,Salaries and wages payable $ 2,580Salaries and wages expense 48,700Utilities expense 22,600Equipment 21,000Accounts payable 4,100Service revenue 64,100Rent revenue 8,500Notes payable (due 2014) 1,800Common stock 16,000Cash 24,200Accounts receivable 12,780Accumulated depreciation 6,000Dividends 5,000Depreciation expense 4,000Retained earnings (beginning of the year) 35,200Instructions (a) Prepare an adjusted trial balance. Then use adjusted tiral to prepare income statement and a retained earnings statement for the year. Above Corporation did not issue any new stock during the year. (b) Prepare a classified balance sheet at July 31.
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