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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, 2024: (Click the icon to view the accounts and balances.) (Click the icon to view the multi-step income statement.) Read the requirements. Requirement 1. Prepare Carolina Communications' statement of retained earnings for the year ended July 31, 2024. Assume that there were no dividends declared during the year and that the business began on August 1, 2023. (Enter a "0" for any zero balances. Include only applicable transactions during the period.) Carolina Communications Statement of Retained Earnings Year Ended July 31, 2024 Retained Earnings, August 1, 2023 Retained Earnings, July 31, 2024 Data table Cash Selling Expenses Accounts Payable Common Stock Notes Payable, long-term Merchandise Inventory Administrative Expenses Estimated Returns Inventory Requirements 1. Prepare Carolina Communications' statement of retained earnings for the year ended July 31, 2024. Assume that there were no dividends declared during the year and that the business began on August 1, 2023. 2. Prepare Carolina Communications' classified balance sheet at July 31, 2024. Use the report format. $ 4,200 1,000 4,100 7,015 600 1,400 2,800 600 Print Cost of Goods Sold Equipment, net Salaries Payable Net Sales Revenue Accounts Receivable Interest Expense Refunds Payable Sales Discounts Forfeited Done $ 18,600 11,000 1,800 28,200 3,400 - X 15 800 500 Reference Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Carolina Communications Income Statement Year Ended July 31, 2024 Selling Expenses Administrative Expenses Total Operating Expenses Operating Income Other Income and (Expenses): Sales Discounts Forfeited Interest Expense Total Other Income and (Expenses) Net Income (Loss) Print 21 Done [00 Clear all 1.000 2,800 500 (15) $ - X 28,200 18,600 9,600 3,800 5,800 485 6,285 Check answer

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, 2024: (Click the icon to view the accounts and balances.) (Click the icon to view the multi-step income statement.) Read the requirements. Requirement 1. Prepare Carolina Communications' statement of retained earnings for the year ended July 31, 2024. Assume that there were no dividends declared during the year and that the business began on August 1, 2023. (Enter a "0" for any zero balances. Include only applicable transactions during the period.) Carolina Communications Statement of Retained Earnings Year Ended July 31, 2024 Retained Earnings, August 1, 2023 Retained Earnings, July 31, 2024 Data table Cash Selling Expenses Accounts Payable Common Stock Notes Payable, long-term Merchandise Inventory Administrative Expenses Estimated Returns Inventory Requirements 1. Prepare Carolina Communications' statement of retained earnings for the year ended July 31, 2024. Assume that there were no dividends declared during the year and that the business began on August 1, 2023. 2. Prepare Carolina Communications' classified balance sheet at July 31, 2024. Use the report format. $ 4,200 1,000 4,100 7,015 600 1,400 2,800 600 Print Cost of Goods Sold Equipment, net Salaries Payable Net Sales Revenue Accounts Receivable Interest Expense Refunds Payable Sales Discounts Forfeited Done $ 18,600 11,000 1,800 28,200 3,400 - X 15 800 500 Reference Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Carolina Communications Income Statement Year Ended July 31, 2024 Selling Expenses Administrative Expenses Total Operating Expenses Operating Income Other Income and (Expenses): Sales Discounts Forfeited Interest Expense Total Other Income and (Expenses) Net Income (Loss) Print 21 Done [00 Clear all 1.000 2,800 500 (15) $ - X 28,200 18,600 9,600 3,800 5,800 485 6,285 Check answer

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, 2024: (Click the icon to view the accounts and balances.) (Click the icon to view the multi-step income statement.) Read the requirements. Requirement 1. Prepare Carolina Communications' statement of retained earnings for the year ended July 31, 2024. Assume that there were no dividends declared during the year and that the business began on August 1, 2023. (Enter a "0" for any zero balances. Include only applicable transactions during the period.) Carolina Communications - X Statement of Retained Earnings Year Ended July 31, 2024 Retained Earnings, August 1, 2023 Retained Earnings, July 31, 2024 Data table Cash Selling Expenses Accounts Payable Common Stock Notes Payable, long-term Merchandise Inventory Administrative Expenses Estimated Returns Inventory Requirements 1. Prepare Carolina Communications' statement of retained earnings for the year ended July 31, 2024. Assume that there were no dividends declared during the year and that the business began on August 1, 2023. Print (…) 2. Prepare Carolina Communications' classified balance sheet at July 31, 2024. Use the report format. $ 4,200 Cost of Goods Sold Equipment, net 1,000 4,100 Salaries Payable 7,015 Net Sales Revenue 600 Accounts Receivable 1,400 Interest Expense 2,800 Refunds Payable 600 Sales Discounts Forfeited Done $ 18,600 11,000 1,800 28,200 3,400 15 800 500 - X Reference Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Carolina Communications Income Statement Year Ended July 31, 2024 Selling Expenses Administrative Expenses Total Operating Expenses Operating Income Other Income and (Expenses): Sales Discounts Forfeited Interest Expense Total Other Income and (Expenses) Net Income (Loss) Print $ Done Clear all 1,000 2,800 500 (15) $ $ 28,200 18,600 9,600 3,800 5,800 485 6,285 Check answer
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, 2024: (Click the icon to view the accounts and balances.) (Click the icon to view the multi-step income statement.) Read the requirements. Requirement 1. Prepare Carolina Communications' statement of retained earnings for the year ended July 31, 2024. Assume that there were no dividends declared during the year and that the business began on August 1, 2023. (Enter a "0" for any zero balances. Include only applicable transactions during the period.) Carolina Communications - X Statement of Retained Earnings Year Ended July 31, 2024 Retained Earnings, August 1, 2023 Retained Earnings, July 31, 2024 Data table Cash Selling Expenses Accounts Payable Common Stock Notes Payable, long-term Merchandise Inventory Administrative Expenses Estimated Returns Inventory Requirements 1. Prepare Carolina Communications' statement of retained earnings for the year ended July 31, 2024. Assume that there were no dividends declared during the year and that the business began on August 1, 2023. Print (…) 2. Prepare Carolina Communications' classified balance sheet at July 31, 2024. Use the report format. $ 4,200 Cost of Goods Sold Equipment, net 1,000 4,100 Salaries Payable 7,015 Net Sales Revenue 600 Accounts Receivable 1,400 Interest Expense 2,800 Refunds Payable 600 Sales Discounts Forfeited Done $ 18,600 11,000 1,800 28,200 3,400 15 800 500 - X Reference Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Carolina Communications Income Statement Year Ended July 31, 2024 Selling Expenses Administrative Expenses Total Operating Expenses Operating Income Other Income and (Expenses): Sales Discounts Forfeited Interest Expense Total Other Income and (Expenses) Net Income (Loss) Print $ Done Clear all 1,000 2,800 500 (15) $ $ 28,200 18,600 9,600 3,800 5,800 485 6,285 Check answer
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