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1) Prepare an income statement for the year. Wildhorse Co. did not issue any new stock during the year.

2) Prepare a retained earnings statement for the year. Wildhorse Co. did not issue any new stock during the year.

3) Prepare a classified balance sheet at July 31.

4) Compute the current ratio and debt to assets ratio.

Exercise 2-09 a-c These financial statement items are for Wildhorse Co. at year-end, July 31, 2022. Salaries and wages payable Salaries and wages expense Supplies expense Equipment Accounts payable Service revenue Rent revenue Notes payable (due in 2025) Common stock Cash Accounts receivable Accumulated depreciation equipment Dividends Depreciation expense Retained earnings (beginning of the year) $ 3,600 59,300 17,400 15,580 4,800 67,900 10,300 3,300 16,000 37,420 11,300 7,800 4,000 4,000 35,300