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Carolina Communications reported the figures from its adjusted trial balance and from its multi-step income statement for its first year of business, which ended on July 31, 2025: View the accounts and balances. View the multi-step income statement. Read the requirements. Requirement 1. Prepare Carolina Communications' statement of retained earnings for the year ended July 31, 2025. Assume that there were no dividends declared during the year and that the business began on August 1, 2024. (Enter a 0 for any zero balances. Include only applicable transactions during the period.) Carolina Communications Statement of Retained Earnings Year Ended July 31, 2025 Retained Earnings, August 1, 2024 Retained Earnings, July 31, 2025 Income Statement - ☑ Accounts and Balances Carolina Communications Cash 3,100 Income Statement Selling Expenses 1,600 Cost of Goods Sold Equipment, net $ 18,900 9,000 Year Ended July 31, 2025 Accounts Payable 4,400 Accrued Liabilities 1,700 Net Sales Revenue 32,100 Common Stock 515 Sales Revenue 44,000 18,900 Cost of Goods Sold Notes Payable, long-term 1,500 Accounts Receivable 3,200 Gross Profit Operating Expenses: Selling Expenses Administrative Expenses 13,200 Merchandise Inventory 1,000 Interest Expense 15 Administrative Expenses 3,400 Sales Discounts 4,400 EA Total Operating Expenses Operating Income Other Income and (Expenses): Interest Expense 1,600 3,400 5,000 8,200 Sales Returns and Allowances 7,500 - Requirements Total Other Income and (Expenses) (15) (15) $ 8,185 1. Prepare Carolina Communications' statement of retained earnings for the year ended July 31, 2025. Assume that there were no dividends declared during the year and that the business began on August 1, 2024. 2. Prepare Carolina Communications' classified balance sheet at July 31, 2025. Use the report format. Net Income (Loss) ☑

Carolina Communications reported the figures from its adjusted trial balance and from its multi-step income statement for its first year of business, which ended on July 31, 2025: View the accounts and balances. View the multi-step income statement. Read the requirements. Requirement 1. Prepare Carolina Communications' statement of retained earnings for the year ended July 31, 2025. Assume that there were no dividends declared during the year and that the business began on August 1, 2024. (Enter a 0 for any zero balances. Include only applicable transactions during the period.) Carolina Communications Statement of Retained Earnings Year Ended July 31, 2025 Retained Earnings, August 1, 2024 Retained Earnings, July 31, 2025 Income Statement - ☑ Accounts and Balances Carolina Communications Cash 3,100 Income Statement Selling Expenses 1,600 Cost of Goods Sold Equipment, net $ 18,900 9,000 Year Ended July 31, 2025 Accounts Payable 4,400 Accrued Liabilities 1,700 Net Sales Revenue 32,100 Common Stock 515 Sales Revenue 44,000 18,900 Cost of Goods Sold Notes Payable, long-term 1,500 Accounts Receivable 3,200 Gross Profit Operating Expenses: Selling Expenses Administrative Expenses 13,200 Merchandise Inventory 1,000 Interest Expense 15 Administrative Expenses 3,400 Sales Discounts 4,400 EA Total Operating Expenses Operating Income Other Income and (Expenses): Interest Expense 1,600 3,400 5,000 8,200 Sales Returns and Allowances 7,500 - Requirements Total Other Income and (Expenses) (15) (15) $ 8,185 1. Prepare Carolina Communications' statement of retained earnings for the year ended July 31, 2025. Assume that there were no dividends declared during the year and that the business began on August 1, 2024. 2. Prepare Carolina Communications' classified balance sheet at July 31, 2025. Use the report format. Net Income (Loss) ☑

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Carolina Communications reported the figures from its adjusted trial balance and from its multi-step income statement for its first year of business, which ended on July 31, 2025: View the accounts and balances. View the multi-step income statement. Read the requirements. Requirement 1. Prepare Carolina Communications' statement of retained earnings for the year ended July 31, 2025. Assume that there were no dividends declared during the year and that the business began on August 1, 2024. (Enter a 0 for any zero balances. Include only applicable transactions during the period.) Carolina Communications Statement of Retained Earnings Year Ended July 31, 2025 Retained Earnings, August 1, 2024 Retained Earnings, July 31, 2025 Income Statement - ☑ Accounts and Balances Carolina Communications Cash 3,100 Income Statement Selling Expenses 1,600 Cost of Goods Sold Equipment, net $ 18,900 9,000 Year Ended July 31, 2025 Accounts Payable 4,400 Accrued Liabilities 1,700 Net Sales Revenue 32,100 Common Stock 515 Sales Revenue 44,000 18,900 Cost of Goods Sold Notes Payable, long-term 1,500 Accounts Receivable 3,200 Gross Profit Operating Expenses: Selling Expenses Administrative Expenses 13,200 Merchandise Inventory 1,000 Interest Expense 15 Administrative Expenses 3,400 Sales Discounts 4,400 EA Total Operating Expenses Operating Income Other Income and (Expenses): Interest Expense 1,600 3,400 5,000 8,200 Sales Returns and Allowances 7,500 - Requirements Total Other Income and (Expenses) (15) (15) $ 8,185 1. Prepare Carolina Communications' statement of retained earnings for the year ended July 31, 2025. Assume that there were no dividends declared during the year and that the business began on August 1, 2024. 2. Prepare Carolina Communications' classified balance sheet at July 31, 2025. Use the report format. Net Income (Loss) ☑
Transcribed Image Text:Carolina Communications reported the figures from its adjusted trial balance and from its multi-step income statement for its first year of business, which ended on July 31, 2025: View the accounts and balances. View the multi-step income statement. Read the requirements. Requirement 1. Prepare Carolina Communications' statement of retained earnings for the year ended July 31, 2025. Assume that there were no dividends declared during the year and that the business began on August 1, 2024. (Enter a 0 for any zero balances. Include only applicable transactions during the period.) Carolina Communications Statement of Retained Earnings Year Ended July 31, 2025 Retained Earnings, August 1, 2024 Retained Earnings, July 31, 2025 Income Statement - ☑ Accounts and Balances Carolina Communications Cash 3,100 Income Statement Selling Expenses 1,600 Cost of Goods Sold Equipment, net $ 18,900 9,000 Year Ended July 31, 2025 Accounts Payable 4,400 Accrued Liabilities 1,700 Net Sales Revenue 32,100 Common Stock 515 Sales Revenue 44,000 18,900 Cost of Goods Sold Notes Payable, long-term 1,500 Accounts Receivable 3,200 Gross Profit Operating Expenses: Selling Expenses Administrative Expenses 13,200 Merchandise Inventory 1,000 Interest Expense 15 Administrative Expenses 3,400 Sales Discounts 4,400 EA Total Operating Expenses Operating Income Other Income and (Expenses): Interest Expense 1,600 3,400 5,000 8,200 Sales Returns and Allowances 7,500 - Requirements Total Other Income and (Expenses) (15) (15) $ 8,185 1. Prepare Carolina Communications' statement of retained earnings for the year ended July 31, 2025. Assume that there were no dividends declared during the year and that the business began on August 1, 2024. 2. Prepare Carolina Communications' classified balance sheet at July 31, 2025. Use the report format. Net Income (Loss) ☑
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