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6 of 20 (12 complete) HYV Score: 35.30% 102 S5-11 (similar to) Caroine Communications reported the folowing figures trom its adjusted trial batance and trom its muti-step income statement for its ferst year of bunness, which ended on July 31, 2018 EFE (Clack the icon to view the accounts and balances) (Cack the kcon to vew the muti step income statement ) Read the requrements Requirement 1 Pte are Caroline Communicationss statement of owner, equty br the year ended July 31, 2018 Assune thir tee we" noco transactions during the period) s or who al。be-mer.Th-mobi i hide Caroline Statement of Owners Equity Year Ended July 31, 2018 Caroline, Capital, August 1, 2017 Caroine, Capital, July 31, 2018 hoose from any list or enter any number in the input fields and then click Check Answer Clear All parts Requirements 1. Prepare Caroline Communications's statement of owner's equity for the year ended July 31, 2018. Assume that there were no contributions or withdrawals during the year. Prepare Caroline Communications's classified balance sheet at July 31, 2018. Use the report format 2. Print Done Caroline Communications Income Statement Year Ended July 31, 2018 Net Sales Revenue $ 30,000 19,800 Cost of Goods Sold Gross Profit 10,200 Operating Expenses 1,600 Selling Expenses 2,700 Administrative Expenses 4,300 Total Operating Expenses 5,900 Operating Income Other Income and (Expenses) 50 Lndeu July 31, 201 Net Sales Revenue 30,000 Cost of Goods Sold 19,800 Gross Profit 10,200 Operating Expenses: Selling Expenses 1,600 Administrative Expenses 2,700 Total Operating Expenses 4,300 Operating Income 5,900 Other Income and (Expenses) (50) Interest Expense (50) Total Other Income and (Expenses) 5,850 Net Income (Loss) i Data Table Cash $ 3,500 Cost of Goods Sold $ 19.800 1,600 Equipment, net Selling Expenses 10,000 1.100 4,700 Accrued Liabilities Accounts Payable 30,000 5,050 Net Sales Revenue Caroline, Capital 600 Accounts Receivable 2,900 Notes Payable, long-term 50 900 Interest Expense Merchandise Inventory 2,700 Administrative Expenses Print Done i Requirements 1. Prepare Caroline Communications's statement of owner's equity for the year ended July 31, 2018. Assume that there were no contributions or withdrawals during the year 2. Prepare Caroline Communications's classified balance sheet at July 31, 2018. Use the report format Print Done Caroline Communications Income Statement Year Ended July 31, 2018 Net Sales Revenue 30,000 Cost of Goods Sold 19,800 Gross Profit 10,200 Operating Expenses Selling Expenses 1,600 2,700 Administrative Expenses 4,300 Total Operating Expenses 5,900 Operating Income Other Income and (Expenses) (50) Total Operating Expenses 4,300 Operating Income 5,900 Other Income and (Expenses) Interest Expense (50) Total Other Income and (Expenses) (50) 5,850 Net Income (Loss) Print Done Caroline Communications Statement of Owners Equity Year Ended July 31, 2018 Caroline, Capital, August 1, 2017 Caroline, Capital, July 31, 2018

Answer 1

1.

Caroline Communication's
Statement of Owner's Equity
Year Ended July 31,2018
Caroline, Capital, August 1, 2017		5050
Net Income for the year		5850
Caroline, Capital, July 31, 2018		10900

2.

Caroline Communication's
Classified Balance Sheet
Year Ended July 31,2018
Assets:
Current Assets
Cash	3500
Merchandise Inventory	900
Accounts Receivable	2900	7300
Fixed Assets
Equipment ,net		10,000
Total Assets		17,300
Liabilities and Owner's Equity
Current Liabilities
Accounts Payable	4700
Accrued Liabilities	1100	5800
Non current liabilities
Notes Payable, Long term		600
Total Liabilities		6400
Owner's Equity
Caroline ,capital, July 31,2018		10900
Total liabilities and owner's equity		17300