Assume Cober Printing Inc. ended the month of July 2020 with these data:

{Requirement}
Prepare the income statement and the statement of retained earnings of the company for the month ended July 31, 2020.

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Payments of cash: Acquisition of equipment Dividends........ Retained earnings at July 1, 2020. Retained earnings at July 31, 2020... Utilities expense. Adjustments to reconcile net income to cash provided by operations. Salary expense.. Cash balance July 1, 2020. Cash balance July 31, 2020. Cash receipts: $36,000 Issuance (sale) of shares to 2,000 owners..... $35,000 0 Rent expense 700 ? Common shares 35,000 200 Equipment 36,000 Office supplies expense. 1,200 3,200 Accounts payable....... 3,200 +,000 Service revenue 14.000 0 8,100