Prepare an income statement for the year. Whispering Winds Corp. did not issue any new stock during the year. Prepare a retained earnings statement for the year. Whispering Winds Corp. did not issue any new stock during the year.

Prepare a classified balance sheet at July 31. (List current assets in order of liquidity.)

Compute the current ratio and debt to assets ratio. (Round answers to 1 decimal place, e.g. 15.2.)

These financial statement items are for Whispering Winds Corp. 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) s 3,580 59,500 17,000 20,000 4,100 68,100 9,900 3,300 16,000 30,600 11,280 7,500 4,000 5,500 35,400