The tabular analysis of transactions for Wolfe Company is presented in E3-4.

In E3-4.

Instructions
Prepare an income statement and a retained earnings statement for August and a classified balance sheet at August 31, 2017.

Transcribed Image Text:

Assets Liabilities + Stockholders' Equity Commorn Retained Eamings Exp Accounts Cash A/R Supp. +Equip.-Payable Stock Rev. p.Div. 1. +$20,000 2.1,000 3.750 +4,100 1,500 62,000 800 8. +450 9.3,000 +$20,000 Com. Stock +$5,000 +$4,000 +$750 +$5,400 +$9,500 Serv Rey 1,500 $2,000 Div. 7. $800 Rent Exp. 450 -3,000 300 Salar. Exp. Util. Exp 10. +300