These financial statement items are for Culver Corporation for the year end, July 31, 2018. Salaries payable Salaries expense Utilities expense Equipment Accounts payable Service revenue Rent revenue Bank loan payable Common shares, August 1, 2017 Cash Accounts receivable Accumulated depreciation equipment Dividends declared Depreciation expense Interest expense Interest payable Income tax expense Retained earnings, August 1, 2017 $5,445 52,000 22.980 33.910 4.455 76,960 7,640 3.200 16.710 27,810 19,690 6,410 4,010 3.320 100 100 1,500 30,110 Culver issued $14,290 of common shares during the year. Prepare an income statement for the year ended July 31, 2018. CULVER CORPORATION Income Statement Year Ended July 31, 2018 Revenues Service Revenue $ 76960 Rent Revenue 7.640 $ 34.600 Total Revenues Expenses 52.000 Salaries Expense 22.980 Utilities Expense -8c06-56d003089a3f#/question/ Prepare an income statement for the year ended July 31, 2018 CULVER CORPORATION Income Statement Year Ended July 31, 2018 Revenues Service Revenue $ 76.960 Rent Revenue 7.640 Total Revenues $ 84.600 Expenses Salaries Expense $ 52.000 Utilities Expense 22.980 Depreciation Expense 3.320 Interest Expense 100 Total Expenses Income Before Income Tax 1.500 Income Tax Expense 4700 Net Income / Loss Prepare a statement of changes in equity for the year ended July 31, 2018. Of an amount reduces the account balance then enter with negative signes. -45 or parentheses es (451 CULVER CORPORATION Statement of Changes in Equity Year Ended July 31, 2018 Common Shares Retained Earnings 16.710 $ 30.110 Total Balance Aug 1, 2017 1420 Issued Common Shares Net Income / Loss HO Dividends Declared $ 31.000 Balance, July 31, 2018 Textbook and Media Prepare a classified statement of financial position at July 31, 2018 CULVER CORPORATION Statement of Financial Position July 31, 2018 Assets Current Assets Cash $ 27,810 Accounts Receivable 19,690 Total Current Assets $ Property. Plant, and Equipment 33.910 Equipment Less : Accumulated Depreciation 16,4101 Total Property. Plant, and Equipment V Total Assets Liabilities and Shareholders' Equity Current Liabilities 4455 Accounts Payable 5,445 Salaries Payable 100 Interest Payable Total Current Liabilities Bank Loan Payable Total Liabilities Shareholders' Equity $ 31.000 Common Shares 30.800 Retained Earnings V Total Shareholders' Equity Total Liabilities and Shareholders' Equity e Textbook and Media e Textbook and Media List of Accounts Calculate the current ratio and debt to total assets ratio. (Round answers to 1 decimal place, es. 25.5) Current ratio 4.8 : 1 Debt to total assets ratio 17.6 e Textbook and Media List of Accounts Submit Answer Attempts: 0 of 1 used Save for Later Last saved 2 hours ago