Suppose Uptown Sporting Goods Company reported the following data at July 31, 2014, with amounts in thousands:

Use these data to prepare Uptown Sporting Goods Company’s single step income statement for the year ended July 31, 2014; statement of retained earnings for the year ended July 31, 2014; and classified balance sheet at July 31, 2014. Use the report format for the balance sheet. Draw arrows linking the threestatements.

Retained carnings, July 31, 20136,500 Cost of goods sold. Accounts receivable Net revenues180,500 Property and cquipment, net... $136,000 26,700 19,800 22,500 35,000 7,500 0 28,000 Cash.... All other expenses Other current asscts 29,600 Inventorics... 5,000 Long-term liabilitics