These financial statement items are for Pharoah Company at year-end, July 31, 2022.

Salaries and wages payable		$ 3,900
Salaries and wages expense		59,200
Supplies expense		17,000
Equipment		20,060
Accounts payable		4,200
Service revenue		67,800
Rent revenue		9,900
Notes payable (due in 2025)		2,900
Common stock		16,000
Cash		32,840
Accounts receivable		10,900
Accumulated depreciationequipment		7,600
Dividends		4,000
Depreciation expense		4,000
Retained earnings (beginning of the year)		35,700

1) Prepare an income statement for the year. Pharoah Company did not issue any new stock during the year.

2) Prepare a classified balance sheet at July 3

Compute the current ratio and debt to assets ratio