Tallcrest discounted a $50,000, 45-day, 5% note receivable on August 10 at the local bank, which applies an 8% discount rate. Tallcrest had held the note for 25 days before discounting it. Record the entry on August 10.

These financial statement items are for Fairview Corporation at year-end, July 31, 2017. Salaries and wages payable ................................... $ 2,080 Salaries and wages expense ................................... 57,500 Supplies expense ............................................... 15,600 Equipment ...................................................... 18,500 Accounts payable ............................................. 4,100 Service revenue ................................................ 66,100 Rent revenue ................................................... 8,500 Notes payable (due in 2020) ................................. 1,800 Common stock ................................................ 16,000 Cash ............................................................ 29,200 Accounts receivable .......................................... 9,780 Accumulated depreciation-equipment ................... 6,000 Dividends ..................................................... 4,000 Depreciation expense ....................................... 4,000 Retained earnings (beginning of the year) ................. 34,000 Instructions (a) Prepare an income statement and a retained earnings statement for the year. Fairview Corporation did not issue any new stock during the year. (b) Prepare a classified balance sheet at July 31. (c) Compute the current ratio and debt to assets ratio. (d) Suppose that you are the presid