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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 Requirements Carolina Communications 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. Income Statement Year Ended July 31, 2025 Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: $ 32,100 18,900 13,200 Accounts and Balances Selling Expenses $ 1,600 3,400 Administrative Expenses 5,000 Cash $ 3,100 Selling Expenses 1,600 Cost of Goods Sold Equipment, net $ 18,900 Total Operating Expenses Operating Income 8,200 9,000 Other Income and (Expenses): Accounts Payable 4,400 Accrued Liabilities 1,700 Common Stock 515 Sales Revenue 44,000 Interest Expense Notes Payable, long-term 1,500 Accounts Receivable 3,200 Total Other Income and (Expenses) (15) (15) $ 8,185 Merchandise Inventory 1,000 Interest Expense 15 Net Income (Loss) Administrative Expenses 3,400 Sales Discounts 4,400 Sales Returns and Allowances 7,500

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 Requirements Carolina Communications 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. Income Statement Year Ended July 31, 2025 Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: $ 32,100 18,900 13,200 Accounts and Balances Selling Expenses $ 1,600 3,400 Administrative Expenses 5,000 Cash $ 3,100 Selling Expenses 1,600 Cost of Goods Sold Equipment, net $ 18,900 Total Operating Expenses Operating Income 8,200 9,000 Other Income and (Expenses): Accounts Payable 4,400 Accrued Liabilities 1,700 Common Stock 515 Sales Revenue 44,000 Interest Expense Notes Payable, long-term 1,500 Accounts Receivable 3,200 Total Other Income and (Expenses) (15) (15) $ 8,185 Merchandise Inventory 1,000 Interest Expense 15 Net Income (Loss) Administrative Expenses 3,400 Sales Discounts 4,400 Sales Returns and Allowances 7,500

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 Requirements Carolina Communications 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. Income Statement Year Ended July 31, 2025 Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: $ 32,100 18,900 13,200 Accounts and Balances Selling Expenses $ 1,600 3,400 Administrative Expenses 5,000 Cash $ 3,100 Selling Expenses 1,600 Cost of Goods Sold Equipment, net $ 18,900 Total Operating Expenses Operating Income 8,200 9,000 Other Income and (Expenses): Accounts Payable 4,400 Accrued Liabilities 1,700 Common Stock 515 Sales Revenue 44,000 Interest Expense Notes Payable, long-term 1,500 Accounts Receivable 3,200 Total Other Income and (Expenses) (15) (15) $ 8,185 Merchandise Inventory 1,000 Interest Expense 15 Net Income (Loss) Administrative Expenses 3,400 Sales Discounts 4,400 Sales Returns and Allowances 7,500
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 Requirements Carolina Communications 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. Income Statement Year Ended July 31, 2025 Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: $ 32,100 18,900 13,200 Accounts and Balances Selling Expenses $ 1,600 3,400 Administrative Expenses 5,000 Cash $ 3,100 Selling Expenses 1,600 Cost of Goods Sold Equipment, net $ 18,900 Total Operating Expenses Operating Income 8,200 9,000 Other Income and (Expenses): Accounts Payable 4,400 Accrued Liabilities 1,700 Common Stock 515 Sales Revenue 44,000 Interest Expense Notes Payable, long-term 1,500 Accounts Receivable 3,200 Total Other Income and (Expenses) (15) (15) $ 8,185 Merchandise Inventory 1,000 Interest Expense 15 Net Income (Loss) Administrative Expenses 3,400 Sales Discounts 4,400 Sales Returns and Allowances 7,500
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