E4.17 (LO 4) These financial statement items are for Basten Tax Services at year-end, July 31, 2020. Prepare financial statements. Salaries and wages payable 2,080 Notes payable (long-term) Salaries and wages expense 48,700 Cash 1,800 14,200 9,780 Utilities expense 22,600 Accounts receivable Equipment 34,400 Accumulated depreciation equipment 6,000 Accounts payable 4,100 Dividends 3,000 Service revenue 63,000 Depreciation expense 4,000 Rent revenue 8,500 Retained earnings (beginning of the year) 31,200 Share capital ordinary 20,000 Instructions a. Prepare an income statement and a retained earnings statement for the year. b. Prepare a classified statement of financial position at July 31.