1. Prepare Carolina Communications' statement of owners equity for the year ended July 31, 2015. Assume that there were no additional contributions or withdrawals during the year.
2. Prepare Carolina Communications' classified balance sheet at July 31, 2015.
Use the report format.
Carolina Communications reported the following figures from its adjusted trial balance:

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Cash Selling Expenses Accounts Payable Carolina, Capital Notes Payable, long-term Merchandise Inventory Administrative Expenses Sales Returns and Allowances 3,800 1,000 4,100 4,230 700 500 2.500 7,200 Cost of Goods Sold Equipment, net Accrued Liabilities Sales Revenue Accounts Receivable Interest Expense Sales Discounts 18,000 10,200 1.700 40,000 2.700 30 4,800