Assume a FedEx Kinko's at the University of Saskatchewan ended the month of July 2014 with these data:

Requirement
Prepare the income statement and the statement of retained earnings of this FedEx Kinko's for the month ended July 31, 2014.

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Payments of cash: Cash receipts: Acquisition of equipment. $36,000 Issuance (sale) of shares to Dividends Retained earnings at July 1, 201 Retained earnings at July 31, 2014 Utilities expense Adjustments to reconcile net income 2,000 owners $35,000 700 35,000 36,000 1,200 3,200 14,000 0 Rent expense ? Common shares 200 Equipment Office supplies expense. to cash provided by operations Salary expense Cash balance July 1, 2014 Cash balance July 31, 2014 3,200 Accounts payable 4,000 Service revenue .... 0 8,100