Assignment: Prepare in proper form:

1. The Balance Sheet
2. The Statement of Retained Earnings
3. The Income Statement
4. Calculate the Current Ratio
5. Calculate Working Capital

Carlson & Chan Sports Mgt Incorporated Trial Balance July 31, 2020 Debit Credit $ 345,567 56,788 12,500 2,250 2,000 345,670 $ 35,400 1,450,000 245,000 345,050 179,748 105 120 130 140 145 170 171 175 176 190 195 210 215 230 270 310 320 320 405 505 510 520 530 545 550 560 565 570 575 Cash Accounts Receivable Supplies Inventory Prepaid Insurance Prepaid Rent Future & Fixtures Accumulated Depreciation - F&F Building Accumulated Depreciation - Building Land Trademarks Salaries Payable Accounts Payable Unearned Service Revenue Mortgage Payable (See note 2) Common Stock Retained Earnings Dividends Sports Consulting Fee Revenue Wages Expense Rent Expense Subcontractor Expense Supplies Expense Repairs & Maintenance Expense Insurance Expense Office Expense Postage & Shipping Expense Travel & Entertainment Expense Rent Expense 15,950 17,567 150,000 756,790 140,000 150,000 56,000 1,545,544 75,000 24,000 24,000 7,670 35,600 14,500 45,670 4,560 5,678 24,000 $ 3,056,251 $ 3,056,251