Requirement 1. Prepare Carissa Communications's statement of retained earnings for the year ended

July 31 2018 . Assume that there were no dividends declared during the year and that the business began on

tAugust 1,2017 (Enter a "0" for any zero balances. Include only applicable transactions during the period.)

Requirement 2. Prepare

Carissa Communications's classified balance sheet at

July 31 2018

Use the report format. Begin by completing the assets section, then complete the liabilities and stockholders' equity sections. (If a box is not used in the balance sheet, leave the box empty; do not select a label or enter a zero.)

Carissa Communications reported the figures from its adjusted trial balance and from its multi-step income statement for its first year of business, which ended on July 31, 2018 EEB (Click the icon to view the accounts and balances.) income statement.) Read the requirements. (Click the icon to view the multi-step Cash Selling Expenses Accounts Payable Common Stock Notes Payable, long-term Merchandise Inventory Administrative Expenses $ 18,400 12,500 1,900 30,000 3,400 $ 3,500 Cost of Goods Sold 1,700 Equipment, net 4,600 Accrued Liabilities 5,855 Net Sales Revenue 1,500 Accounts Receivable 1,300 Interest Expense 3,000 Carissa Communications Income Statement Year Ended July 31, 2018 $30,000 18,400 Net Sales Revenue Cost of Goods Sold Gross Proft Operating Expenses 11,600 Selling Expenses Administrative Expenses Total Operating Expenses 1,700 3,000 4,700 Operating Income Other Income and (Expenses) 6,900 (55) Interest Expense (55) Total Other Income and (Expenses) 6,845 Net Income (Loss) Carissa Communications Statement of Retained Earnings Year Ended July 31, 2018 Retained Earnings, August 1, 2017 Retained Earnings, July 31, 2018 Balance Sheet July 31, 2018 Assets Liabilities Stockholders' Equity