Carissa Communications reported the following figures

from its adjusted trial #396

Carissa Communications reported the following figures from its adjusted trial balance for its first
year of business, which ended on July 31, 2016:Cash ............... $4,100Selling Expenses .........
1,300Accounts Payable ......... 4,900Common Stock ......... 2,820Notes Payable, long-term ......
400Merchandise Inventory ..... 1,200Administrative Expenses ..... 3,100Sales Returns and
Allowances .... 7,400Cost of Goods Sold ......... $ 18,800Equipment, net ......... 8,500Accrued
Liabilities ......... 2,000Sales Revenue ........... 42,000Accounts Receivable ......... 3,400Interest
Expense ......... 20Sales Discounts ......... 4,300Requirements1. Prepare Carissa
Communications s statement of retained earnings for the year ended July 31, 2016. Assume
that there were no dividends declared during the year and that the business began on August 1,
2015.2. Prepare Carissa Communications s classified balance sheet at July 31, 2016. Use the
report format.View Solution:
Carissa Communications reported the following figures from its adjusted trial

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