These financial statement items are for Norsted Company at year-end, July 31, 2014.

Instructions
(a) Prepare an income statement and an owner’s equity statement for the year. The owner did not make any new investments during the year.
(b) Prepare a classified balance sheet at July31.

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Salaries and wages payale 2,080 Notes payable (long-term) Salaries and wages expense 51,700 Cash Utilities expense Equipment Accounts payable Service revenue Rent revenue 22,600 30,400 4,100 62,000 8,500 Accounts receivable Accumulated depreciation-equipment Owner's drawings Depreciation expense Owner's capital (beginning of the year) 1,800 14,200 9,780 6,000 3,000 4,000 51,200