11:45 PM Sun May 2 48% ba 5 s + A BI U A 2 Iul Data Table - Cash $ $ 19,500 3,300 2,000 12,500 Selling Expenses Accounts Payable Common Stock Cost of Goods Sold Equipment, net Salaries Payable Net Sales Revenue 5,000 1,600 7,250 28,000 1,200 Accounts Receivable 3,600 900 50 Notes Payable, long-term Merchandise Inventory Administrative Expenses Estimated Returns Inventory Interest Expense Refunds Payable 3,100 1,400 200 Sales Discounts Forfeited 700 Select All Paste Add Comment Print Done Current Communication reported the figures from its ed il balence and from its multe income statement for its first year of business, which ended on July 312014 Click the loon to view the accounts and balances) Click the loon to view the multe income statement) Read the requirements 11:45 PM Sun May 2 48% ba 5 + A B I USA Carmella Communications reported the figures from its adjusted trial balance and from its multi-step income statement for its first year of business, which ended on July 31, 2024 (Click the icon to view the accounts and balances.) (Click the icon to view the multi-step income statement) Read the requirements Requirement 1. Prepare Carmella Communications' statement of retained earnings for the year ended July 31, 2024. Assume that there were no dividends declared during the year and that the business began on August 1, 2023. ( Carmella Communications Statement of Retained Earnings Year Ended July 31, 2024 Retained Earnings, August 1, 2023 Retained Earnings, July 31, 2024 Requirement 2. Prepare Carmella Communications' classified balance sheet at July 31, 2024. Use the report format, Begin by completing the assets section, then complete the liabilities and stockholders' equity sections. (If a box is not used in the balance sheet, leave the box emply, do not select a label or enter a zero.) Carmella Communications Balance Sheet July 31, 2024 Assets Total Current Assets Cash 28000 Sales Discounts Forfeited 700 Cash 28700 19500 9200 2000 Total Assets Liabilities 11:45 PM Sun May 2 48% ba 5 + A B I USA Carmella Communications reported the figures from its adjusted trial balance and from its multi-step income statement for its first year of business, which ended on July 31, 2024 (Click the icon to view the accounts and balances.) (Click the icon to view the multi-step income statement.) Read the requirements Assets Total Current Assets Cash 28000 700 Sales Discounts Forfeited Cash 28700 19500 9200 2000 Total Assets Liabilities Total Current Liabilities Selling Expenses Administrative Expenses 5100 4100 Total Liabilities Stockholders' Equity 50 4050 Total Expenses