1. Prepare Camilia 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 August 1, 2017.
2. Prepare Camilia Communications's classified balance sheet at July 31, 2018. Use the report format.
Camilia Communications reported the following figures from its adjusted trial balance for its first year of business, which ended on July 31, 2018:

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Cost of Goods Sold Cash $ 2,900 1,400 Equipment, net 4,300 Accrued Liabilities 4,365 $ 18,700 Selling Expenses Accounts Payable 9,500 1,800 Common Stock Net Sales Revenue 29,200 3,200 Notes Payable, long-term Merchandise Inventory Administrative Expenses Accounts Receivable 500 1,100 Interest Expense 65 3,300