Selected accounts of Hilton Building Supplies, at July 31, 2014, are listed in alphabetical order below. For simplicity, all operating expenses are summarized in the Selling Expenses account and the General Expenses account. Hilton Building Supplies uses the periodic inventory system.

Required
1. Prepare the business's single-step income statement for the year ended July 31, 2014.
2. Prepare Hilton Building Supplies' statement of owner's equity at July 31, 2014.
3. Prepare Hilton Building Supplies' classified balance sheet in report format at July 31, 2014.

Transcribed Image Text:

Inventory: July 31, 2013. Inventory: July 31, 2014. Notes Payable, Long-Term. $ 730,000 Accounts Payable.. $102,000 525,000 Accounts Receivable. 117,000 500,000 Accumulated Amortization- 61,500 Purchases. 863,400 Salaries Payable.. Equipment. B. Hilton, Capital. 1,361,000 23,000 B. Hilton, Withdrawals. 42,300 Sales Discounts. 25,000 Cash.. 46,200 Sales Returns and Allowances 52,800 Equipment. General Expenses. Interest Expense . Interest Payable. Interest Revenue. 484,000 1,891,200 Sales Revenue. 284,250 Selling Expenses. Supplies . 317,250 10,200 16,200 8,800 Unearned Sales Revenue.. 34,800 1,500