Refer to the data in Exercise 1-24A.

Requirement

Prepare the balance sheet of Earl Copy Center, Inc., for July 31, 2010.

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Payments of cash: Acquisition of equipment.. $420,000 $ Cash balance, June 30, 2010.. Cash balance, July 31, 2010.... Cash receipts: Dividends.. 4,800 10,900 Retained earnings June 30, 2010. Retained earnings July 31, 2010 Utilities expense Adjustments to reconcile Issuance (sale) of stock 69,500 2,200 to owners Rent expense. Common stock.. 10,000 69,500 420,000 Equipment. Office supplies.. Accounts payable . net income to net cash 14,800 provided by operations.. Salary expense. 2,200 167,000 17,000 543,200 Service revenue..