1. Prepare Carissa Communicationss statement of owners equity for the year ended July 31, 2016. Assume that there were no additional contributions or withdrawals during the year and that the business began on August 1, 2015.
2. Prepare Carissa Communicationss classified balance sheet at July 31, 2016. Use the report format.

Cash $ 4,100 Cost of Goods Sold $ 18,800 1,300 4,900 2,820 Equipment, net Accrued Liabilities Selling Expenses Accounts Payable Common Stock Notes Payable, long-term Merchandise Inventory Administrative Expenses Sales Returns and Allowances 8,500 2,000 42,000 3,400 Sales Revenue 400 Accounts Receivable 20 1,200 3,100 7,400 Interest Expense Sales Discounts 4,300