Class Exercise 3.12.20 - #2 - Financial Statement Preparation These financial statement items are for Rugen Company at year-end, July 31, 2018. Salaries and wages payable Salaries and wages expense Utilities expense Equipment Accounts payable Service revenue Rent revenue Common stock $ 2,980 45,700 21,100 38,000 4,100 57,200 6,500 20,000 Notes payable (long-term) $ 3,000 Cash 5,200 Accounts receivable 9,780 Accumulated depreciation 6,000 Dividends 4,000 Depreciation expense 4,000 Retained earnings 28,000 (Aug. 1, 2017) Instructions (a) Prepare an income statement and a retained earnings statement for the year. Stockholders not make any new investments during the year. (b) Prepare a classified balance sheet at July 31. RUGEN COMPANY Income Statement For the Year Ended July 31, 2018 Revenues Total revenues Expenses ........................................... Total expense. Net income (loss).... RUGEN COMPANY Owner's Equity Statement For the Year Ended July 31, 2018 Retained Earnings, August 1, 2014... Increase or Decrease: Retained Earnings, July 31, 2015..... RUGEN COMPANY Balance Sheet July 31, 2018 Assets Current assets Total current assets.. Property, plant, and equipment Less: Total assets......... Liabilities and Stockholders' Equity Current liabilities Total current liabilities....... Long-term liabilities Total liabilities. Stockholders' equity Total liabilities and stockholders' equity