Carolina 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 Carolina 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. (Enter a "0" for any zero balances. Include only applicable transactions during the period.) Carolina Communications Statement of Retained Earnings Year Ended July 31, 2024 Retained Earnings, August 1, 2023 Retained Earnings, July 31, 2024 Requirement 2. Prepare Carolina 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 empty, do not select a label or enter a zero.) - X Reference Carolina Communications Balance Sheet July 31, 2024 - X Requirements Assets 1. Prepare Carolina Communications' statement fretained 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. 2. Prepare Carolina Communications' classified balance sheet at July 31, 2024. Use the report format. S 29,400 18,400 11,000 Carolina Communications Income Statement Year Ended July 31, 2024 Net Sales Revenue Cost of oods Gross Profit Operating Expenses: Selling Expenses $ Administrative Expenses Total Operating Expenses Operating Income Other Income and (Expenses): Sales Discounts Forfeited 1,600 Print Done . 2.900 4,500 Data table 6,500 Liabilities Cash $ 3,300 400 (45) 1,600 Interest Expense Cost of Goods Sold Equipment, net Salaries Payable Net Sales Revenue 4,800 $ 18,400 11,000 1,100 29,400 2,800 Total Other Income and (Expenses) 355 4.945 S Net Income (Loss) 6,855 Selling Expenses Accounts Payable Common Stock Notes Payable, long-term Merchandise Inventory Administrative Expenses Estimated Returns Inventory 1,400 1,300 45 Accounts Receivable Interest Expense Refunds Payable Sales Discounts Forfeited 2,900 1,200 500 400 Print Done Calculator