These financial statement items are for Emjay Company at year-end, July 31, 2014.

Instructions
(a) Prepare an income statement and a retained earnings statement for the year.
(b) Prepare a classified balance sheet at July31.

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Salaries and wages payable Salaries and Utilitics expensc Equipment Accounts payable Service revenuc Rent revenue Common stoc S 2,080 $1,800 14,200 9,180 30,000 Accumulated depreciation-cquip 6,000 3,000 2,500 Notes payable (long-term) wages expense 50,700 Cash 22.600 Accounts reccivable 4,100 Dividends 62,000 Depreciation expenso 8,500 Retained earnings (beginning 25,000 of the year) 22,700