Exercise 4-17 These financial statement items are for Norsted Company at year-end, July 31, 2017. Salaries and wages payable $ 2,300 Notes payable (long-term) $ 1,600 Salaries and wages expense 51,600 Cash 14,000 Utilities expense 22,600 Accounts receivable 10,800 Equipment 29,600 Accumulated depreciation-equipment 5,900 Accounts payable 4,700 Dividends 2,700 Service revenue 61,100 Depreciation expense 4,100 Rent revenue 8,600 Retained Earnings (beginning of the year) 21,200 Common Stock 30,000 Prepare an income statement for the year. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) NORSTED COMPANY Income Statement SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO: APPLIED SKILLS VIDEO: SIMILAR EXERCISE Prepare a retained earnings statement for the year. NORSTED COMPANY Retained Earnings Statement SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO: APPLIED SKILLS VIDEO: SIMILAR EXERCISE Prepare a classified balance sheet at July 31. (List Current Assets in order of liquidity.) NORSTED COMPANY Balance Sheet Assets Liabilities and Stockholders' Equity