These financial statement items are for Fairview Corporation at year-end, July 31, 2017. Salaries…

These financial statement items are for Fairview Corporation at year-end, July 31, 2017. Salaries…

These financial statement items are for Fairview Corporation at year-end, July 31, 2017. Salaries and wages payable …………………………….. $ 2,080 Salaries and wages expense …………………………….. 57,500 Supplies expense ……………………………………….. 15,600 Equipment ……………………………………………… 18,500 Accounts payable ……………………………………… 4,100 Service revenue ………………………………………… 66,100 Rent revenue …………………………………………… 8,500 Notes payable (due in 2020) …………………………… 1,800 Common stock ………………………………………… 16,000 Cash …………………………………………………… 29,200 Accounts receivable …………………………………… 9,780 Accumulated depreciation-equipment ………………. 6,000 Dividends …………………………………………….. 4,000 Depreciation expense ………………………………… 4,000 Retained earnings (beginning of the year) …………….. 34,000 Instructions (a) Prepare an income statement and a retained earnings statement for the year. Fairview Corporation did not issue any new stock during the year. (b) Prepare a classified balance sheet at July 31. (c) Compute the current ratio and debt to assets ratio. (d) Suppose that you are the presid

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