Instructions D'Lite Dry Cleaners is owned and operated by Joel Pak Abuilding and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company at wholesale rates. The labies and common stock of the business on juy 1, 2018, are as follows: Cash, $32,000, Accounts Rennbin. 502.000 Supplies, 513.000: Land, 653,000; Accounts Payabio. $33,500; Common Stock, 550.000. Business transactions during why are summarized as follows: A. Joel Pas invested additional cost in exchange for common stock with a deposit of $25,000 in the business bank account B. Purchased and sent to land currenty owned by Die Dry Cleaners to use in the huture as a parking lot, paying cash of $35.000. C Pad rent for the month, $3.200. D. Charged customers for dry cleaning revenue an account. $70.000 1 E. Pald creditors on account $18.00 F. Purchased supplies on account. $6.000 Received cath from cath customers for dry cleaning revenue. 540,000, Received cash from customers on account. 578.000 Received monmay invoice for sy cleaning expense for November (1o be paid on December 10). 528.800 J. Paid the following we expense, 125,000 rock expense, 2.800 expense 51.500 micolous expense, $2.000 K Determined that the cost of supplies on and was $3.500 therefore, the cost of supplies used during the month was $8.500 Lad dividends. 58.000 Instructions Required: 1. Determine the amount of retained earnings as of July 1 of the current year. 2 The assets abilities, and stockholders equity as of July 1 are stated in equation form similar to that shown in this chapter. Intabular form below the equation indicate increases and decreases resulting from each transaction and the new balances after each transaction. In each transaction row rows indicated by a letter), you must indicate the math sign [+ or -) in columns affected by the transaction. You will not need to anter math signs in the balance rows (rows indented by Bal). Entries of 0 (zero) are not required and will be cleared entered. 3.4. Prepare an income statement for the month ended July 31, 2018. Refer to the Account in the accounting equation grid and to the list of Labels and Amount Descriptions for the exact wording of the answer chokos for text entries. Be sure to complete the statement neading. Na net loss has been incurred, enter that amount as a negative number using a minus sign. You will not need to enter colons on the income statement 3.6. Prepare a retained aminos statement for the month ended July 31, 2018. Refer to the lists of Accounts in the accounting equation grid and to the star Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. Wanet loss is incurred or dividends were pad, antar at amount as a negative number using a minus sign 3. Propuro a palance sheet as of July 31, 2018. Peter to the Accounts in the accounting equation grid and to the stot Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading 4. Prepare a statement of cash flows for July, Enter amounts that represent cash outflows as negative numbers using a minus sign. Refer to the Mist of Labels and Amount Descriptions for the exact wording of the answer choice for text entries. Be sure to complete the statement heading You will not need to enter colons on the statement Instructions D'Lite Dry Cleaners is owned and operated by Joel Pak Abuilding and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company at wholesale rates. The labies and common stock of the business on juy 1, 2018, are as follows: Cash, $32,000, Accounts Rennbin. 502.000 Supplies, 513.000: Land, 653,000; Accounts Payabio. $33,500; Common Stock, 550.000. Business transactions during why are summarized as follows: A. Joel Pas invested additional cost in exchange for common stock with a deposit of $25,000 in the business bank account B. Purchased and sent to land currenty owned by Die Dry Cleaners to use in the huture as a parking lot, paying cash of $35.000. C Pad rent for the month, $3.200. D. Charged customers for dry cleaning revenue an account. $70.000 1 E. Pald creditors on account $18.00 F. Purchased supplies on account. $6.000 Received cath from cath customers for dry cleaning revenue. 540,000, Received cash from customers on account. 578.000 Received monmay invoice for sy cleaning expense for November (1o be paid on December 10). 528.800 J. Paid the following we expense, 125,000 rock expense, 2.800 expense 51.500 micolous expense, $2.000 K Determined that the cost of supplies on and was $3.500 therefore, the cost of supplies used during the month was $8.500 Lad dividends. 58.000 Instructions Required: 1. Determine the amount of retained earnings as of July 1 of the current year. 2 The assets abilities, and stockholders equity as of July 1 are stated in equation form similar to that shown in this chapter. Intabular form below the equation indicate increases and decreases resulting from each transaction and the new balances after each transaction. In each transaction row rows indicated by a letter), you must indicate the math sign [+ or -) in columns affected by the transaction. You will not need to anter math signs in the balance rows (rows indented by Bal). Entries of 0 (zero) are not required and will be cleared entered. 3.4. Prepare an income statement for the month ended July 31, 2018. Refer to the Account in the accounting equation grid and to the list of Labels and Amount Descriptions for the exact wording of the answer chokos for text entries. Be sure to complete the statement neading. Na net loss has been incurred, enter that amount as a negative number using a minus sign. You will not need to enter colons on the income statement 3.6. Prepare a retained aminos statement for the month ended July 31, 2018. Refer to the lists of Accounts in the accounting equation grid and to the star Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. Wanet loss is incurred or dividends were pad, antar at amount as a negative number using a minus sign 3. Propuro a palance sheet as of July 31, 2018. Peter to the Accounts in the accounting equation grid and to the stot Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading 4. Prepare a statement of cash flows for July, Enter amounts that represent cash outflows as negative numbers using a minus sign. Refer to the Mist of Labels and Amount Descriptions for the exact wording of the answer choice for text entries. Be sure to complete the statement heading You will not need to enter colons on the statement