Exercise 2-8 These financial statement items are for Sunland Company at year-end, July 31, 2017. Salaries and wages payable Salaries and wages expense Supplies expense Equipment Accounts payable Service revenue Rent revenue Notes payable (due in 2020) Common stock Cash Accounts receivable Accumulated depreciation-equipment Dividends Depreciation expense Retained earnings (beginning of the year) $ 3,880 58,600 17,200 20,300 4,100 67,200 10,100 3,500 16,000 30,400 11,480 7,200 4,000 5,200 35,200 Prepare an income statement for the year. Sunland Company did not issue any new stock during the year. Sunland Company Income Statement SHOW LIST OF ACCOUNTS Prepare a retained earnings statement for the year. Sunland Company did not issue any new stock during the year. Sunland Company Retained Earnings Statement SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR EXERCISE Prepare a classified balance sheet at July 31. (List current assets in order of liquidity. Sunland Company Balance Sheet Assets Liabilities and Stockholders' Equity Liabilities and Stockholders' Equity Compute the current ratio and debt to assets ratio. (Round answers to 1 decimal place, e.g. 15.2.) Current ratio Debt to assets ratio Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR EXERCISE