The adjusted trial balance for Arapaho Company is presented in Practice Exercise 1.

Practice Exercise 1.

Arapaho Company ended its fiscal year on July 31, 2019. The company’s adjusted trial balance as of the end of its fiscal year is as shown below.

Instructions

(a) Prepare an income statement and a retained earnings statement for the year ended July 31, 2019.

(b) Prepare a classified balance sheet at July 31, 2019.

Transcribed Image Text:

ARAPAHO COMPANY Adjusted Trial Balance July 31, 2019 Account Titles No. 101 Cash 112 Accounts Receivable 157 Equipment 158 Accumulated Depreciation Equipment 201 Accounts Payable 208 311 320 Retained Earnings Dividends 332 400 Service Revenue 429 Rent Revenue 711 Depreciation Expense 726 Salaries and Wages Expense 732 Utilities Expense Unearned Rent Revenue Common Stock Debit $ 15,940 8,580 16,900 14,000 Credit $ 7,500 4,420 1,600 20,500 25,000 64,000 5,500 4,500 54,700 13,900 $128,520 $128,520