1. Prepare Camilia Communications’ statement of owner’s equity for the year ended July 31, 2024. Assume that there were no contributions or withdrawals during the year and that the business began on August 1, 2023.

2. Prepare Camilia Communications’ classified balance sheet at July 31, 2024. 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, 2024:

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Cash Selling Expenses Accounts Payable Camilia, Capital Notes Payable, long-term Merchandise Inventory Administrative Expenses Estimated Returns Inventory $2,900 Cost of Goods Sold 1,400 Equipment, net 4,300 Salaries Payable 4,365 Net Sales Revenue 500 Accounts Receivable 1,000 Interest Expense 3,300 Refunds Payable 100 Sales Discounts Forfeited $ 18,700 9,500 1,200 28,450 3,200 65 600 750