These nancial statement items are for Norsted Company at year-end, July 31, 2015.

Salaries and wages payable $ 2,080 Notes payable (long-term) $ 1,800 Salaries and wages expense 51,700 Cash 14,200 Utilities expense 22,600 Accounts receivable 9,780 Equipment 30,400 Accumulated depreciationequipment 6,000 Accounts payable 4,100 Dividends 3,000 Service revenue 62,000 Depreciation expense 4,000 Rent revenue 8,500 Retained earnings (beginning of the year) 21,200 Common stock 30,000

Instructions

(a) Prepare income statement and a retained earnings statement for the year.

(b) Prepare classied balance sheet at July 31.