1. Prepare Carolina Communications statement of retained earnings for the year ended July 31, 2015. Assume that...

Question:

1. Prepare Carolina Communications’ statement of retained earnings for the year ended July 31, 2015. Assume that there were no dividends during the year and that the business began on August 1, 2014.

2. Prepare Carolina Communications’ classified balance sheet at July 31, 2015. Use the report format.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...